BHEL has resistance at Rs 1850-1900: Nooresh Mirani

BHEL has resistance at Rs 1850-1900, says Nooresh Mirani, AVP Technical, AMSEC Research.

Mirani told CNBC-TV18, "BHEL has fallen almost retraced 61% from Rs 2700 levels. Currently it had a lot of support in the range of Rs 1850 to 1900 which gave a breakdown a few weeks back. We are seeing a continuous bounce back over last couple of days. What we see is the intermediate highs of around Rs 1790 to Rs 1795 remains a resistance level. Yesterday the stock gave a breakout above those levels."

He further added, "We can expect the stock to head to the resistance levels of Rs 1850 to Rs 1900 in the short term. Intraday traders can buy the stock with a target price of Rs 1845 keeping a stop loss at Rs 1760."