BHEL : Near long term support of 60

BHEL has bounced from the long term support of 58-60 range. We saw 100% + return when it touched the same level last time. It has also bounced this time with moving average crossover on all time frames. It has also broken out of long term resistance line. Long term traders can accumulate below 70 with stop loss of 58 for 100% return in 12-18 months time.

Fundamental check points : Expected EPS of Rs 3 in FY 2019. Order book stands at Rs 1,20,000 + crs. Few of the brokerages are expecting sales and EBITDA to grow at 10% and 20% + over next 3-5 years.

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