BHEL may test Rs 200, says Rishi Kohli

Rishi Kohli of Pro-Alpha Systematic Capital told CNBC-TV18, "Bharat Heavy Electricals (BHEL) looks much more positive than the market and it has shown portions of that in the last month. For example, in January, the stock was actually flat when the rest of the market depending on the stock was down between 5-10 percent. So it is showing that relative strength on a longer term time scale, the monthly MACD and other longer term indicators have turned positive just a few months back and since then it has been showing this relative strength. So from that angle it looks like a stock which can easily move depending on the retracement."

"It has obviously had a large fall in the last 3-4 years from Rs 500 to current levels and in phases it would make up for those retracements. Next target would be something like Rs 200 from there Rs 250-260 and in phases it would recover at least 50-61.8 percent of the entire fall it seems," he said.

Disclosure: He does not hold any position in the stock.