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Sell BHEL January future; target Rs 236: IIFL
According to IIFL, traders can sell Bharat Heavy Electricals (BHEL) January Futures in the range of Rs 248- 249 with stop loss of Rs 254 for target of Rs 236, in its December 27, 2011 research report.
According to IIFL, traders can sell Bharat Heavy Electricals (BHEL) January Futures in the range of Rs 248- 249 with stop loss of Rs 254 for target of Rs 236, in its December 27, 2011 research report.
"Bharat Heavy Electricals (BHEL) as been forming lower tops and lower bottom on medium term chart and hence previous trough of Rs247 is likely to turn into a stiff resistance zone. The recovery from the trough of Rs224 has been taking shape of a 'leading diagonal' and hence break below Rs240 would mean sharp correction in the stock towards Rs230. Although yesterday's daily candlestick turned out to be a white one but volumes were significantly lower, which means strength in the up move could be missing. We recommend going short on BHEL January Futures in the range of Rs 248- 249 with stop loss of Rs 254 for target of Rs 236. (Duration 5 days)," says IIFL research report.
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