August 05, 2016
BHEL (NSE Cash)
138 - 137
14 - 21 sessions
Source: Falcon (Chart Time: 09:45 IST)
The stock is moving in uptrend by maintaining ‘Higher Highs Higher Lows’ formation on daily chart. In last few
sessions, stock has seen decent correction; but, the down move seems exhausted around
132 levels as the
stock has strong support of previous ‘Swing Highs’ around the same. The mentioned support also coincides
with the ‘89 EMA’ and the 50% retracement levels of the recent up move on daily chart (see exhibit). Yesterday,
the stock has taken support precisely around the support zone and started rebounding. The ‘RSI’ oscillator has
also turned northwards from its support zone of 40 - 42 levels. Considering the above technical evidences, we
are expecting the stock to pullback higher from current support zone.
traders are advised to buy the
stock at current levels and on a correction up to
137 for a target of
153 in next 14 - 21 sessions. The stop
loss for the trade set-up can be kept at
August 05, 2016
Last 5 recommendations
Recom. Buying/Selling Range
CMP Target 1
361 - 359
Bank of Baroda
149.50 - 150
M & M**
1462 - 1456
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website:
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL
and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is a
registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co-managed public
offering of securities of the company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.