BHEL - broke and sustaining important weekly level of 57.15, Good volume also seen on daily chart
Entry – CMP or around 60 (if Pull back happens) Stop loss – 50.35 (Trailing Stop 58.7 after Price gives a run up) Target 1 - 103.45 Target 2 - 195.7 Duration - 2-4years Small resistance around 59.6 (Crossed and Sustained) Strict Trailing Stop loss will be required for this stock, going forward. All numbers are *weekly*based
Company is engaged in custom equipment manufacturing. Co has lost lots of contacts in past hence same is trading at very cheap discount. PB - 0.82x Debt - 0.18x Since Co is struggling in their top line there bottom line has also struggled.
This is pure technical call. If stock managed to cross the mentioned level then a lot of upside is possible. Volume Accumulation is seen in last 9-10 months.
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New Weekly Stop loss : 65
Lower Lows are getting created on Daily Chart. Broke Trailing SL can think of Profit booking on Monday if Bearishness continues.
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Trade closed manually
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booked profits in BHEL Trading around its Stop loss area + New bullishness will be above 74 only
Will repost if something interesting in BHEL happens
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