Parag Doctor of Keynote Capital told CNBC-TV18, "Bharat Heavy Electricals Limited (BHEL) like other stocks in the capital goods & infra space has had a rough time in the last year or so. The stocks have got beaten down by maybe 30-40 percent plus from higher levels, but there is a ray of hope.”
He further added, “There is a base building formation in BHEL maybe between Rs 170 on the downside and Rs 210 on the higher side. Looks like the bear market low may have been made around Rs 170. So, if one wants to hold on as an investment then keep the stoploss at Rs 170 and only a breakout above Rs 210-215 levels would confirm bullishness in the medium-term to long-term for BHEL. So, it is advisable to wait for that breakout and then consider fresh buying in the stock."
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