August 05, 2016
BHEL (NSE Cash)
BUY
` 131
` 138 - 137
` 153
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 09:45 IST)
Justification:
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. Hence, 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 `131.
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August 05, 2016
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Source: Angel Research
**Dividend of ` 12/share adjusted
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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