BHEL being one the largest electrical equipments manufacturer in India it also manufactures turbines for power companies. The stock price of BHEL suggest that there is more downside possible from current levels. So traders can go short on BHEL future below 1900 level and hold it for the target of 1750 and 1600. Also keeping the stop loss above the 2000 level. It is important to note from technical analysis point of view each and every major indicator is suggesting to enter short position only. Only a close above 2070 for 2 days continuously will invalidate our short positions entry. This stock is correcting due to the correction in the capital goods sector, other wise there is nothing bad for the company.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
Leave a Reply