Trade Idea of The Day - Bharat Electronics Ltd Target Rs.15 - Religare Broking Ltd
Bharat Electronics Ltd
BUY 24 FEB 440 CE SELL 24 FEB 460 CE Bharat Electronics Ltd Entry Range 5 – 5.5 Target Range 15 Stop Loss 2
Rationale
* On the daily chart BEL is trading above its key moving averages and after narrow range consolidation, prices are recently witnessed a rebound from 20-DEMA indicating that bullish bias remain intact for the near term
* 14-Day RSI hover near 60 mark, suggests that prices are traded on a stronger note with the ample room to run upwards before reaching overbought territory.
* On the weekly timeframe MACD histogram placed in a positive trajectory with the recent bullish crossover, which confirms that the primary trend remains positive.
* On the technical front prices are traded with the higher lows structure with gradual increment in trading volume, indicating potential for the upwards journey towards recent swing high of 460 level.
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