Buy Bharat Electronics Ltd For Target Rs.146/157 - LKP Securities Ltd
Future Outlook
• The Rs 173bn Defence PSU is expected to end the current fiscal with a mammoth order book of over Rs.600bn even as the management has guided for an order inflow of Rs.200bn this fiscal.
• Given its track record of execution, robust order accretion and sheer width of its product range positions BEL strongly in the Defence sector this fiscal
Technical Commentary
• The stock has experienced a breakout from a bullish flag formation on the weekly chart. This breakout pattern suggests the potential for further upward movement.
• A robust uptrend is evident in the stock's price action, characterized by consistent higher highs and higher lows, indicating sustained positive momentum.
• Support is observable at 115, which has been acting as a protective barrier for the bulls, potentially preventing further downside movements. For trader the stock presents a potential upside target range of 146 to 157.
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