Stock Picks : Neutral Bharat Heavy Electricals Ltd For Target Rs.192 By ICICI Direct
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Technical Observations
• The Capital Goods stocks remain in strong up trend and is seen constantly outperforming the broader market. Within the capital goods stocks we remain constructive on BHEL as it is seen resuming up move after last two weeks breather from the major support area of |81-82 being the confluence of the recent breakout area and the rising 20 days EMA currently placed at 82 thus offers fresh entry opportunity with a favourable risk reward set up
• The stock has already taken 13 sessions to retrace just 50% of its preceding 11 sessions up move (|70-91), a shallow retracement signals a positive price structure
• The stock is likely to head towards | 92 levels in the coming sessions being the recent high of early December 2022
• Among the oscillators the daily stochastic is seen rebounding from the oversold territory and has generated a buy signal thus validates positive bias
Neutral Bharat Heavy Electricals Ltd Range:84.00-86.00 SL:: 80.70 Target:92.00
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