BHEL has declared its Q1 (first quarter) result for FY12 (financial year 12), We have seen a jump of 22% in its net profit on YoY basis. In this quarter, company’s net profit jumped to Rs.815 crore versus Rs.667.7 crore in the same period a year ago. Also its net sales went up by 10% to Rs.7,190 crore from Rs.6,479.7 crore on year on year basis. We have also found that depreciation cost for the company jumped sharply by 35% to Rs.171 crore and other income went up to Rs.249 crore from Rs.163 crore during the same period.
Futures of BHEL stock : Taking a look at the BHEL stock we see that it is bearish trend, as the price action is seen below 100 EMA level so we are bearish in short term. Also the technical indicators suggests us to take short positions only and book profits or keep trailing the stop loss. Our recommendation is to short below 2000 level for targets as 1870 and then 1820 in short term. The position discussed here is based on BHEL futures contract on NSE, and it is not advisable to trade on BHEL options contract.
About 
Please let me know the support of BHEL, i didn’t find any support in it, till when it can go down.
BHEL can fall upto 183 as it is 138.2% fibonacci extension level on chart. Refer the attached chart.
