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Long

BHEL: Results are bad but can it be buy on bad news...!!!

NSE:BHEL   BHARAT HEAVY ELECT
BHEL            
CMP 90.30

Results are bad and stock has seen some beating... but will it fall further... or we have heard of sell on good news... can this be a buy on bad news and will it rise against the odds...???

Lets see what the chart is saying...

- we observe 20 day EMA recently crossed over 50 day EMA giving some strength

- Currently 20 day EMA is at 92.2 & 50 day EMA is at 90.10

On long term charts



80-84 zone looks like long term support

Only a breach below that will signify something wrong for BHEL             . Till then possibility of moving towards 106 / 120 looks feasible...

Take care & safe trading...!!!


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