Those who have not read our report published on 9th April, please go through report appended below. We had told to buy Bhel below 70 with stop loss below 58 for target of 100% return. Counter first touched 70, then moved to 79 and then touched 59 last couple of days back. Logic was to buy position below 60 ( multiple support zone as shown by arrow) but it had already touched 60 and then bounced above 70. We can call 60 as institutionalized or value investor buying zone where stock see emergence of buying interest. This time also counter found same buying interest below 60 zone. MACD is negative zone but crossed upside. 10 DEMA is below 20 DEMA which is also not good for the counter.
Considering the current quantitative factors, we are changing our stop loss higher to 62 (daily closing) and will wait for MACD to cross downside to completely exit our position. CMP 69.