BHEL buying opportunity: accumulate in range 140-160

 

Bharat Heavy Electricals Limited stock today closed at 169 with gain. Today stock was top gainer in nifty 50 index. Technically stock is in absolute downtrend and oversold on daily and weekly chart. Major momentum indicators and oscillator are suggesting stock will bottom around in 140-160 zone. On upside 190 and 222 are resistance zones as well as short to medium term targets.

Investors can buy and accumulate in this stock in 140-160 rupee zone on correction with medium to long term target of 222 to 240 rupees. In last 5 months stock tumbled from top of 280 to low of 160. Lost almost 30% plus in market cap.

For long term investors anything below 160 will be buying opportunity with price target 255 in 2 to 3 years period.