March 14, 2017
BHEL (NSE Cash)
BUY
` 154
` 160 - 161.50
` 174
14 - 21 sessions
Daily Chart
Source: Falcon (Time: 10:30 IST)
Justification:
The stock has been forming ‘Higher Top Higher Bottom’ structure on the daily chart and is thus in an uptrend. Since last
few trading sessions, prices have been consolidating in a range which seems to be a time-wise correction within an
uptrend. The ‘5DEMA’ gave a positive crossover above the ’20 DEMA’ during the first week of January. Since then, prices
have rode the uptrend and have not breached the ’20 DEMA’ support. The stock has multiple supports around `155
where ’20 DEMA’ coincides with the ‘Parabolic SAR’ and the low of the recent consolidation. Thus, we are anticipating
resumption of the uptrend from this support in near term. Hence, we advise traders to buy this stock at current levels
to a decline up to `160 for a target of `174 over the next 14 to 21 sessions. The stop loss should be fixed at `154.
Ruchit Jain
022-3935 7600 Extn: 6554
1
March 14, 2017
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Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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