IIFL is bullish on BEML and has recommended buy rating on the stock with a target of Rs 1080 in its July 15, 2010 research report.
"BEML has seen a rally from the support zone of around Rs 980-983 and has managed to cross the critical resistance levels of Rs 1005-1010 with impressive volumes. It has formed a immediate bottom around the above mentioned levels. Volumes accompanying the breakout are encouraging, thereby adding confirmation to the bullish outlook. MACD is in positive zone and has given a bullish crossover. The weekly RSI is exhibiting positive divergence. Based on the above-mentioned technical evidences, we recommend traders with high risk appetite to buy the stock above 1020 for a target of Rs 1080. A stop loss of Rs 995 should be maintained on all long positions," says IIFL research report.
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