Bharat Electronics Ltd - Breakout Opportunity
Date: 7-Jun-2024
Rating: Buy - Positional Trade
LTP: Rs. 283.20
Targets: (1) Rs. 323 --> (2) Rs. 380
SL: Rs. 241 on daily close basis
Technical View:
•
BEL is in its primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 323 on 3-Jun-2024, it has retraced 29% to 230 level.
• On 7-Jun-2024,BEL has broke out from its secondary down trend with high volume.
• Prices are trading above 20 DMA, 50 DMA and 21 DEMA.
• RSI is trading at 56.80 and MACD is trading at 11.63.
• Looking good to start a new swing from here.
• All the above observations are noted in Daily Timeframe.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
Rating: Buy - Positional Trade
LTP: Rs. 283.20
Targets: (1) Rs. 323 --> (2) Rs. 380
SL: Rs. 241 on daily close basis
Technical View:
•
BEL is in its primary uptrend and was recently going through it's secondary downtrend.• After touching the high of 323 on 3-Jun-2024, it has retraced 29% to 230 level.
• On 7-Jun-2024,
BEL has broke out from its secondary down trend with high volume.• Prices are trading above 20 DMA, 50 DMA and 21 DEMA.
• RSI is trading at 56.80 and MACD is trading at 11.63.
• Looking good to start a new swing from here.
• All the above observations are noted in Daily Timeframe.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
Nota
3-Jul-2024-------------
LTP: Rs. 314.50
11% up from suggested level.
Nota
5-Jul-2024-------------
LTP: Rs. 324.05
1st target of 323 reached. 14% up from suggested level.
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