Buy Bharat Electronics, target Rs 145: Shabbir Kayyumi

Shabbir Kayyumi Narnolia Financial Advisors

Bharat Electronics has witnessed a decent correction recently from the peak of 192 and now has shown an indication for the formation of Inverse H&S pattern where construction of right shoulder is going on. RSI has found support near oversold zone and has indicated a reversal to maintain a positive bias and has potential to rise further in the coming days. Stochastic is also looking firm lending support to price action.

With the chart looking attractive and decent volume participation witnessed, we recommend a buy on the dip to Rs 117 in this stock for an upside target of Rs 145, keep a stop loss of Rs 102.

Disclaimer: The author is Head - Technical & Derivative Research at Narnolia Financial Advisors. 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.