indiamarketoutlook

BHEL Chart set up and view

Long
NSE:BHEL   BHARAT HEAVY ELECT
BHEL
CMP 53.95

Observations

- stock has done a 76.4% retracement
- 200 day EMA around 53
- stock near trendline (which may act as support)

given the set up one may consider to accumulate stock from medium to long term perspective ( at cmp and on further dips )

momentum / short term players may consider buying if closing is above 57 for target of 62 / 65
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F&O strategy Suggested : Bull Put Spread strategy

One may consider
Sell 50 Put option around 1.25 and
Buy 45 Put option around 0.30

Lot size 10500

Net receivables Rs 9975/- per strategy lot (yield potential 14.5% approximately)

Loss in strategy if BHEL closes below 49. 05 on 30 September

Take care & safe trading....!!!!



Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
Comment:
Exit in BHEL Option strategy