BHEL may test Rs 175: Siddharth Bhamre

Siddharth Bhamre, Head - Investment Advisory and Derivatives at Angel Broking told CNBC-TV18, "Bharat Heavy Electricals (BHEL) is the strongest stock in the capital goods space and it has seen huge addition of long positions. First there was an accumulation around Rs 145-150 zone. A lot of positions were formed but there was ambiguity whether this is long or short. But in last two-three trading sessions, we have seen huge rise in open interest (OI) with price rise and cash based volumes being strong."

"We have not seen any traces of unwinding of those previous positions, which clearly suggests that a lot of strong hands would have been accumulated this stock around Rs 145-150 zone. We have immediate target of Rs 175. We will not be surprised if in March series we see this stock moving above those levels," he said.

"We are quite positive in BHEL in the largecap space. Voltas and Crompton Greaves are adding good amount of OI along with good cash based volume. So that space is looking quite attractive."