Trade Idea of The Day - Bharat Electronics Ltd Target Rs. 2 - Religare Broking Ltd
Bharat electronics Ltd BUY 24 FEB 440 CE SELL 24 FEB 460 CE Entry Range 5 Target Range 2 Stop Loss 12
Rationale
* After the breakout from the resistance zone of 430 level, BEL witnessed volatile sessions with a sharp rally to the 460 and then price successfully pulled back to retest this breakout zone, suggests a strong base for the next leg of rally.
* On the daily chart, prices are hovering above the 20-DEMA, which has trending upward and acting as a dynamic support level, indicating that the short-term bullish momentum remains intact despite the recent volatility.
* RSI currently placed near 60 mark, indicating strength in prevailing price movement. MACD histogram are also trading in the bullish trajectory, confirming the positive primary trend.
* The early February breakout saw strong volume participation, while declining volumes during recent consolidation signals healthy pause and sustained bullish undertone.
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