Stock Picks - Buy Bharat Electronics Ltd For Target Rs.242 - ICICI Direct
Technical Observations
* The share price of Bharat Electronics is in strong up trend forming higher peak and higher trough in all time frame. It has recently registered a breakout above its four year range as it moved above its CY 2017 highs (| 193) signalling a structural turnaround
* The stock during current week has registered a breakout above its last three weeks range (| 221- 184) signalling resumption of the up trend and offers fresh entry opportunity
* We expect the stock to resolve higher and head towards | 242 levels being the 161.8% external retracement of the last three weeks breather (| 221-184)
* The stock since June 2020 has witnessed elevated buying demand around the vicinity of the 50 days EMA. In the current scenario also the stock is seen rebounding taking support around the 50 days EMA (currently at | 202) highlighting inherent strength that augurs well for next leg of up move
* The daily MACD has recently generated a buy signal is seen sustaining above its nine periods average thus validates positive bias in the stock
Buy Bharat Electronics Ltd @ 220.00-225.00 TGT 242 SL 209
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