Nice Intraday Churn & healthy buying in
BEML
volumes seen today.
The day started with a Gap-Up (3.4%) and was followed by an gap fill.
The close (looks very likely as of now) & if it does close above 1376, then
BEML may well target 1540-42 (+11% ) from cmp.
BEML
volumes seen today. The day started with a Gap-Up (3.4%) and was followed by an gap fill.
The close (looks very likely as of now) & if it does close above 1376, then
BEML may well target 1540-42 (+11% ) from cmp.
Trade active:
Seeing todays volumes, i strongly anticipated a close above 1376 today,
and the market went ahead and proved...
me wrong.
and the market went ahead and proved...
me wrong.
Trade active:
BEML, traded in a tight range of 1279 to 1375 for a good 16 weeks. It hugged the center line throughout this duration. This itself was an indication (in hindsight) that the stock needed to consolidate well before finding its legs.
Based on the indecisive price action of the week of 14th June, SL was widened to +10% and kept below 1240 levels. (thankfully that turned out well)
Finally BEML started an directional move on 14th Sep, yet it took a patience testing 114days to achieve its measly target of 1540.
It's made an overall gain of +22% from the entry point and that’s a fair consolation for the time taken.
For now, as long as it stays above 1480-1520, its likely to maintain its uptrend. Next targets from CMP that look probable are 1750 (12%) & 1893 (20%).
Let's see how it shapes out ahead.
Based on the indecisive price action of the week of 14th June, SL was widened to +10% and kept below 1240 levels. (thankfully that turned out well)
Finally BEML started an directional move on 14th Sep, yet it took a patience testing 114days to achieve its measly target of 1540.
It's made an overall gain of +22% from the entry point and that’s a fair consolation for the time taken.
For now, as long as it stays above 1480-1520, its likely to maintain its uptrend. Next targets from CMP that look probable are 1750 (12%) & 1893 (20%).
Let's see how it shapes out ahead.