Breakout from Multi-year ascending channel in BEML Ltd(Monthly)

finvestar Updated   
BEML was trading within an ascending channel since 2006.It gave a breakout from the channel in the ongoing month of Jul'23 forming a large bullish candle on a monthly time frame returning nearly 25%. The Stock rose nearly 11% today hitting an All Time High of 2056.55.

Stop Loss: 1659 (daily closing basis)

BEML is Asia's second-largest manufacturer of earth moving equipment. It is a PSU which is into manufacturing heavy equipment, which meets the needs of mining, construction, power, irrigation, fertilizer, cement, steel and rail sectors.

BEML operates in three major business verticals associated with equipment manufacturing:

1) Mining & Construction
2) Defence & Aerospace
3) Rail & Metro

BEML has recently introduced road headers and slide discharge Loaders for underground mining applications. Railway products include integral rail coaches, electric multiple units, rail buses, track-laying equipment and overhead equipment inspection Cars. BEML manufactures heavy-duty trucks and trailers and hydraulic aggregates for the transportation sector.

BEML's aerospace division manufactures Ground support equipment such as Aircraft Towing Tractor, Aircraft Weapon Loading Trolley, Multi-purpose Weapon Loaders and Crash Fire Tender.

Competitors: Action Contruction Equipment(ACE) , JCB, Caterpillar Inc.
BEML is approaching its target 1..Those who have not invested can still enter as per their discretion.
Target 1 achieved on 26th Dec' 23 !
All targets achieved !!!

Discretion: I have open position in BEML and I am still holding it.
3475 - 3620 is a strong support zone.

Put Stop loss only below this zone as per your risk appetite.

My Stop Loss is at 3393(daily close)
Trade closed: target reached


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