January 29, 2016
BHEL (NSE Cash)
BUY
` 129.50
` 138 - 137
` 155
14 - 21 sessions
Weekly Chart
Source: Falcon (Chart Time: - 11:25 IST)
Justification:
The stock has underperformed the broader markets and corrected sharply in the recent past. But, the bearish
momentum seems exhausted in the last week as the stock has taken support around the 78.60% retracement
levels of the entire up move from `96.23 to `298.54 levels and formed a ‘Piercing line’ pattern in the weekly
chart, which is a bullish reversal candlestick pattern. The stock has corrected in last three sessions and is taking
support of the 78.60% retracement levels of the recent up move in daily chart. The ‘RSI’ oscillator is
rebounding from its support zone of 25-30 levels in the weekly chart, indicating a possibility of a pullback
move in the counter. Considering the current chart structure, we advise traders to buy this stock at current levels
and on declines to ` 137 for a target of ` 155 in coming 14 to 21 trading sessions. The stop loss for this trade
set up can be kept at ` 129.50.
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January 29, 2016
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Source: Angel research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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