Stock Picks - Buy BEML Limited For Target Rs. 1440 - ICICI Direct
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Technical Observations
The share price of BEML has witnessed falling channel breakout backed by 5x volume of 20 days average volume, signaling resumption of primary up trend that offers fresh entry opportunity
The stock has formed a strong base formation above 61.8% retracement of January – March up move (888-1540) around |1140 coincided with 50 day EMA suggesting robust price structure
Going ahead we expect stock to resolve higher and gradually head towards | 1440 as it is the 80% retracement of recent March-April decline (1540-1120)
We believe, the immediate support is placed at | 1245 levels being 50% retracement of past three weeks up move (1119-1349)
The daily MACD has generated a buy signal above its zero li
Buy Mphasis Limited @ 1295.00-1315.00 TGT 1440.00 SL 1245.00
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