December 23, 2015
BHEL (NSE Cash)
BUY
` 165
` 172 - 171
` 184
5-10 sessions
167
165
178
182
Bullish
HOURLY CHART
Breakout from the
congestion zone
Tremendous rise
on breakout
Source: Falcon (Time - 10:25 IST)
We have witnessed a massive correction in this stock from August month high of 287.13. However, in
last three weeks, the relentless fall seems to have arrested around the 164 mark.
During the session, we are witnessing a breakout from the near term congestion zone of 170 - 164
along with substantial rise in volumes.
In addition, the daily ‘RSI-Smoothened’ momentum oscillator is turning upside form the extreme
oversold territory.
Looking at the above technical evidences, we advise traders to buy this stock from current level
to a decline up to ` 171 for a target of ` 184 in coming 5 to 10 trading sessions. The stop loss
for this trade set up can be kept at ` 165.
December 23, 2015
BHEL (NSE Cash)
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