Budget Pick 2024 by Choice Broking
BEL is presently trading at Rs 311.1 and has recently reversed from 50 EMA with significant volume, suggesting a potential reversal and a robust bullish trend. A breakout above 315 could drive the stock towards the Rs 340 & Rs 360 levels, with immediate resistance at Rs 329. On the downside, Rs 300 & 290 stand as critical support levels.
Moreover, following a prolonged correction, the stock has reversed from the support level. The Relative Strength Index (RSI) is currently at 50.8, indicating an upward trajectory and growing buying momentum. Taken together, these technical indicators suggest that BEL has the potential to reach the Rs 340& 360 targets in the near term.
A prudent strategy would involve considering buying opportunities on dips around Rs 300 levels. In summary, based on technical analysis and prevailing market conditions, BEL appears to offer a promising buying opportunity for those targeting a Rs 340 & Rs 360 price objective. It is essential to implement prudent risk management strategies to navigate potential market fluctuations.
Buy BEL @ 311.1 & add upto 300 fir the Target of 340/360
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