It is importatnt to note that the last support angle is being held on closing basis for the last two months, which was in the range of 49-52. The stock may remain in a sideways movement till mid-December (or earlier, depending on news, change in fundamentals etc.) when it may make an up move.
As was anticipated, BEPL found its nadir at 60 odd, turned bullish and now in consolidation for the last two days. Supports are at 84.70, 78.20 and strong support at 63.10 and progressive. Target in short/ intermediate term is 143 if bullishness persists.
The last support is at 128.10, but I think the turn around should start from 129.45 tomorrow. My opinion, please consult experts for investment decisions.
Bhansali Engineering Polymers Limited is a petrochemical company. The Company is engaged in the manufacture of acrylonitrile butadiene styrene (ABS) resins and styrene acrylonitrile (SAN) resins. The Company's ABS resins are used as a raw material for companies dealing in automobiles, home appliances, telecommunications, luggage, bus body and various other applications. The Company's products include general ABS, which is used in injection molding; injection molding (automotive application) and injection molding (electro-plating); flame retardant ABS; ABS-polycarbonate alloys for high service temperature applications; glass reinforced ABS for very high rigidity and temperature requirement, and glass reinforced SAN for very high rigidity and temperature requirement; poly(methyl methacrylate) (PMMA)-ABS alloy; transparent ABS; extrusion ABS, and impact modifier for polyvinyl chloride (PVC). The Company's plants are located at Satnoor and Abu Road. It offers ABSTRON-BL 60.
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BEPL
