Bharat Electronics Ltd - Breakout Opportunity
Updated
Date: 17-May-2024
Rating: Buy - Positional Trade
LTP: Rs. 248.2
Targets: (1) Rs. 255 --> (2) Rs. 275 ++
SL: Rs. 221 on daily close basis
Technical View:
•
BEL is in its primary uptrend and also going through it's secondary uptrend.
• Within the current secondary uptrend,BEL has retraced 9% from top and again started the upward journey from 14-May onwards.
• On 16-May-2024,BEL has broke out from minor down trend line and on 17-May-2024 it broke the previous 52 week high with very high volume.
• On 16-May-2024,BEL has closed above 20 DMA and 21 DEMA. Since then it is trading above 20 DMA and 21 DEMA.
• RSI is trading at 70.91 and MACD is trading at 4.34.
• Looking strong to continue the current uptrend.
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. Ideas are published for learning purpose only.
Rating: Buy - Positional Trade
LTP: Rs. 248.2
Targets: (1) Rs. 255 --> (2) Rs. 275 ++
SL: Rs. 221 on daily close basis
Technical View:
•
BEL is in its primary uptrend and also going through it's secondary uptrend.• Within the current secondary uptrend,
BEL has retraced 9% from top and again started the upward journey from 14-May onwards.• On 16-May-2024,
BEL has broke out from minor down trend line and on 17-May-2024 it broke the previous 52 week high with very high volume.• On 16-May-2024,
BEL has closed above 20 DMA and 21 DEMA. Since then it is trading above 20 DMA and 21 DEMA.• RSI is trading at 70.91 and MACD is trading at 4.34.
• Looking strong to continue the current uptrend.
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. Ideas are published for learning purpose only.
Note
20-May-2024----------------
LTP: Rs. 258.80 on 18-May-2024
1st target reached.
NEXT TARGET: Rs. 275
Note
21-May-2024-----------------
LTP: Rs. 274.15
2nd target of 275 reached. 10% up from suggested level.
MACD, RSI and Moving averages are still giving bullish indication. Can eye 295 as Next Target.
Note
24-May-2024----------------
LTP: Rs. 297.20
3rd target of 295 reached. 20% up from suggested level.
MACD, RSI and Moving averages are still suggesting bullish momentum. Can eye 309 as Next Target.
Note
3-Jun-2024----------------
LTP: Rs. 318.65
4th target of 309 reached. 28% up from suggested level.
MACD, RSI and Moving averages are still suggesting bullish momentum. HOLD till the momentum is strong with open target.
Trade closed: target reached
In last one week lot of price action has been seen. Hence, closing this idea and publishing new one with updated chart and targets.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.