H&S indicates a trend reversal from Bullish to Bearish. But Since Nifty is in bull run & will go upwards after minor corrections happening since past few days. Hence I am more in favor of long setup in BHEL. Volume is gradually increasing from a couple of days.
Volume & Price action is in favor of a long setup Most probably -> it will cross the right shoulders high (around 39) with volume & we can enter in a long setup as below:
Long above 38.8
Long Setup: Target 1- 42.5 Target 2- 47.5 SL -34.70
In case of Nifty fall, BHEL will follow the short setup as given below following ideal H&S strategy
Short Setup: Target 1-32.60 Target 2-29.30 SL-39.3