If NIFTY sustains at its levels then BHEL will easily catch 42.50 level and the new resistance level (target) will be 44.40.
(bought @38.65). Comment your view.
Although i am more inclined to wave theory , i want to explain here one of the simple way to trade
1) Plot a weekly chart of any stock
2) Plot horizontal support and resistance line which has tested a minimum of three times
3) Look for a significant break in the support line ,(The word significant is important)
4) The support line now behaves like a resistance...
