Sell BHEL Future; target of Rs 203: IIFL

According to IIFL, traders can sell BHEL May Futures below Rs 215 with stop loss of Rs 221 for target of Rs 203, in its May 9, 2012 research report.

“BHEL has been trading near the 52-week low and with no evidence of the trend reversal the downward momentum is likely to aggravate further. The earlier breakdown from head and shoulder top pattern below Rs249 is projecting the downside potential till Rs189 in the coming months. However there are cluster of supports between Rs215.5-216.5 and move below same should provide immediate downfall towards Rs200. We recommend going short on BHEL May Futures below Rs215 with stop loss of Rs221 for Target of Rs203.(Duration 10 days),” says IIFL research report.

FIIs holding more than 30% in Indian cos

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