Stock Picks - Buy Bharat Heavy Electricals Ltd For Target Rs. 77 - ICICI Direct
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Technical Observations
* The stock has generated a breakout above the bullish flag pattern signalling continuation of the up trend and offers fresh entry opportunity.
* We expect the stock to continue with its last two sessions up move and head towards | 77 levels being the 80% retracement of the previous breather (| 890-64)
* The stock has recently rebounded taking support at the 50 days EMA and the 61.8% retracement of the previous up move (|53-80) signalling strength and continuation of the up move
* The daily Stochastic remain in up trend thus supports the continuation of the positive bias in the coming sessions
Buy Bharat Heavy Electricals Ltd @ 72.00-73.50 TGT 77 SL 69
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