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Emargin Positional Pick Buy BEML Ltd For Target Rs.1624 - HDFC Securities 

TECHNICAL OBSERVATIONS

BEML is in strong uptrend on Major time frame. After making a 52 week high on 09th March 2021 it started correcting and halted near 1119 levels which also coincide with bullish trend line.

Today stock has broken out from tight range of consolidation (symmetrical triangle) with volumes.

It also took multiple support of bullish trend line and resumed its upward momentum along with huge volumes.

RSI 14 on the Weekly and Daily time frame has taken support of 60 level and now moving higher.

+DMI & ADX is well placed above 25 level is observed on the weekly chart which indicates that bulls are in control. Primary trend of the stock has been bullish as stock has been forming higher tops and higher bottoms on the weekly charts. Stock is placed above medium to long term moving averages, indicating bullish trend on all time frames.

Buy BEML Ltd Up to 3 Months @ Average level 1389 CMP 1462.45 TGT 1624 SL 1355

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