Bharat Electronics Ltd - Breakout OpportunityDate : 17-May-2024
Rating : Buy - Positional Trade
LTP : Rs. 248.2
Targets: (1) Rs. 255 --> (2) Rs. 275 ++
SL : Rs. 221 on daily close basis
Technical View:
• NSE:BEL is in its primary uptrend and also going through it's secondary uptrend.
• Within the current secondary uptrend, NSE:BEL has retraced 9% from top and again started the upward journey from 14-May onwards.
• On 16-May-2024, NSE:BEL has broke out from minor down trend line and on 17-May-2024 it broke the previous 52 week high with very high volume.
• On 16-May-2024, NSE:BEL has closed above 20 DMA and 21 DEMA. Since then it is trading above 20 DMA and 21 DEMA.
• RSI is trading at 70.91 and MACD is trading at 4.34.
• Looking strong to continue the current uptrend.
Disclaimer : I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.