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...