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* On a weekly chart, the price has shifted below its 21 Weeks Simple Moving Average which suggests further downside movement in the near term.
* On a daily chart, the price has retreated from 100 days Simple Moving Averages which is placed at 895 level which indicates negativity in the stock.
* Moreover, the stock has moved below “Ichimoku Cloud” with negative crossover between conversion line and base line which shows the downside movement in the counter.
* On an hourly chart, the stock is on a verge to give a breakout of its lower band of “Falling Wedge Formation” in which the stock has been trading since last many days which suggests a nosedive movement in the stock.
* Furthermore, the Index price has moved below lower “Bollinger Band” which suggests bearish rally will continue further for near term.
* Based on the above technical parameters, we are expecting a downside move in the stock in few trading sessions.
Buy BEML Limited Jun Fut @850& Upto 855 Target 805 Stoploss 880
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