Stock Picks - Buy BEML Ltd For Target Rs. 1570 - ICICI Direct
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Technical Observations
* The share price of BEML has generated a breakout above the last three weeks range (| 1494- 1360) signalling resumption of up move and offers fresh entry opportunity
* We expect the stock to continue its positive momentum and head higher towards | 1570 levels in the coming sessions as it is the 161.8% external retracement of the last three weeks breather (| 1494 -1360)
* The breakout above the last three weeks range is supported by strong volume of more than triple of the 50 days average volume of 5.3 lakhs share per day highlighting larger participation in the direction of trend
* Among the oscillators, the daily MACD has rebounded taking support at its nine periods average thus validates positive bias in the stock
Buy BEML Ltd @ 1510.00-1525.00 TGT 1570 SL 1468
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