Nandish Shah
BHEL has given downward slopping trend line breakout, adjoining the high of 23-January, 03-Sept, and 24-Dec by closing above the 72 levels.
The short-term trend of the stock is bullish where stock price is trading above its 5,20 day SMA. Oscillators and momentum Indicators like
RSI and MACD is showing strength on daily charts.
Capital goods as a sector doing well since the last few days. BHEL has grossly underperformed in the same segment till now, however,
technical indicators are indicating that it is likely to do well for the coming days. Therefore, we recommend buying BHEL for the target of Rs 82,
and keep a stop loss below Rs 69.
Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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