Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "If we look at the recent behaviour in Bharat Forge, every time we have been seeing a kind of a continuation pattern getting formed, the overall trend remains to be down. So on the medium-term chart as well, we believe that Rs 700 is an ideal level where one can again start looking at buying opportunity but till that does not happen, there is a very high possibility that the ongoing downtrend might resume and even accelerate."
"Given the fact that there was another continuation pattern which was formed about two weeks back, we have seen a break down happening from there with a down gap and it has been consolidating in a very minor zone. We expect that the odd remains high that we will see further round of a sell-off happening which will push the stock towards the support of Rs 700-705 and a stop loss for this sell trade can be kept at Rs 842 which is the recent swing high," he said.
