BHEL has resistance at Rs 320-325, says Amit Harchekar, Sr Technical Analyst.
Harchekar told CNBC-TV18, "BHEL is facing resistance somewhere close to Rs 320-325. If that level is taken out with good volumes then we can expect further upmove of 5-6%. But the way the stock has run up since last couple of days, some sort of a consolidation around these levels and it would be prudent to wait for a dip towards Rs 295-298, that would be a good entry point."
He further added, "As per Tata Steel is concerned, it's seen good breakout above Rs 485 levels and that projects the upside target close to Rs 525. So, it becomes buy on every dips. The way breakout has happened on the long term inverted head and shoulder pattern it projects target close to Rs 585-600 in the near term. So Tata Steel and BHEL are both buys but one should be waiting for a dip to enter."
