IIFL is bullish on Bharat Electronics and has recommended buy rating on the stock with a target of Rs 1950 in its October 6, 2010 research report.
"Bharat Electronics (BEL) is about to break through from consolidating pattern after price closed around its 200-DMA yesterday with rise in volumes. The stock also has been making inverted head and shoulder on daily chart and move above Rs 1870 will confirm breakout from its neckline. Similarly, on the weekly chart, a stiff hurdle is seen around Rs 1875 levels which were the peak levels in July 2010. Any move above these levels would confirm a break out for the long term. Daily RSI is holding above the levels of Rs 50 earmarks inherent strength in the counter. We advise buying the stock above Rs 1870 with stop loss of Rs 1835 for target of Rs 1950," says IIFL research report.
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