Moneycontrol
Last Updated : Oct 15, 2018 10:22 AM IST | Source: Moneycontrol.com

Buy BEML, target Rs 640: Shabbir Kayyumi

We anticipate the stock to rise further in the coming days with strength in volume. One can take long positions at Rs 580-585 levels for target of Rs 640, says Shabbir Kayyumi of Narnolia Financial Advisors.

Moneycontrol Contributor @moneycontrolcom
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Shabbir Kayyumi

BEML has given a decent correction from the peak of Rs 870 to Rs 534 and has taken support at lower levels. Now it has regained strength indicating a positive bias.

Double bottom breakout in RSI from its oversold zone also showing strength. The emergence of Hammer on weekly chart further showing strength.

We anticipate the stock to rise further in the coming days with strength in volume. One can take long positions at Rs 580-585 levels for target of Rs 640 with the stop loss of Rs 550 on closing basis.

Disclaimer: The author is Head - Technical & Derivative Research at Narnolia Financial Advisors Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Oct 15, 2018 10:22 am
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant