Bharat Electronics Ltd - Breakout Opportunity

Date: 28-Mar-2024
Rating: Buy - Positional Trade
LTP: Rs. 201.50
Targets: (1) Rs. 216 --> (2) Rs. 240
SL: Rs. 185

Technical View:
• BEL is in its primary uptrend since long time and was recently going through it's secondary downtrend.
• After touching the life time high of 216.45 on 11-Mar-2024, it has retraced 17% to 179.10 level.
• BEL has broke out from its secondary down trend on 21-Mar-2024 with higher than average volume.
• RSI has crossed over 50 on 21-Mar-2024. MACD has crossed over 0 on 26-Mar-2024.
• On 28-Mar-2024 it has closed above 20 DMA.
• Looking strong to start a new swing from here.

Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market.

Comment:

2-Apr-2024
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LTP: Rs. 221
1st target of Rs. 216 reached. 10% up from suggested level.
NEXT TARGET: Rs. 240

Comment:

23-Apr-2024
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LTP: 234.35
BEL very close to 2nd target. 16% up from suggested level.

Comment:

25-Apr-2024
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LTP: Rs. 237.60
2nd target of Rs. 240 reached. 18% up from suggested level.
Technicals are still looking good. If able to sustain above 240 level then 277 can be possible.
NEXT TARGET: Rs. 277.