Bharat Electronics Ltd. - Breakout Opportunity

2024年11月27日

Date: 27-Nov-2024
LTP: Rs. 307.35
Targets: (T1) Rs. 323 --> (T2) Rs. 340 --> (T3) Rs. 391
SL: Rs. 281

Technical View:
• BEL is in strong primary uptrend and was recently going through it's secondary downtrend within primary uptrend.
• After touching the high of 340.5 on 10-Jul-2024, it has retraced 24% to 257.45 level.
• BEL has breakout from it's secondary downtrend with higher than average volume on 27-Nov-2024.
• BEL is trading above 20 DEMA and 50 DEMA since last few sessions. 20 DEMA has crossed over 50 DEMA on 27-Nov-2024.
• RSI is in buy zone and trading at 64.48. MACD is bullish and trading at 2.36.
• Both RSI and MACD are showing positive divergence.
• Looking good to start a new swing from here.

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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. My ideas are published for learning purpose only and are available to everyone at no cost/charge.