Stock Picks - Buy BEML Limited For Target Of Rs. 1185.00 - ICICI Direct
Technical Observations
* The stock has generated a breakout above last eight weeks range (|1051-900) signalling continuation of the primary uptrend and offers fresh entry opportunity
* On the long term chart it is at the cusp of breakout above the previous major highs of CY 2019 and CY 2020 indicating a structural turnaround
* We believe, The stock has immediate support at | 980-990 levels as it is the confluence of the rising 20 days EMA and the 50% retracement of the current up move (| 936 to 1090)
* The weekly MACD is in strong up trend and is seen diverging from its nine periods average thus supports the positive bias
* Based on the above technical observations we expect the stock to extend the current up move and head towards our target of | 1185 levels as it is the measuring implication of the last eight weeks range breakout (| 1051-900) placed around | 1200 levels
Buy BEML Limited @ 1050.00-1075.00 TGT 1185.00 SL 978.00
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