BHEL may slip to Rs 200: Parag Doctor

Parag Doctor, Keynote Capital is of the view that BHEL has immediate support at Rs 220, below that then downside is there till at least Rs 200-210 kind of levels.

Doctor told CNBC-TV18, “Bharat Heavy Electricals Ltd (BHEL) has been on a weak trajectory for sometime and it has been a sell on rally kind of mode. So we are looking at least Rs 235-240 on the upside getting crossed before any real uptrend emerges. The immediate support which the stock had around Rs 220 levels has been broken today. It is preferable to wait for the closing and if we close below Rs 220 then downside is there till at least Rs 200-210 kind of levels.”
He further added, “With the Nifty sentiment still being good, this stock has not moved up. So if the trends weaken for the Nifty then I expect this stock to go back to its 52 week low, which is around Rs 190-195 levels over the next few months or so.”