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We recommend a buy on BHEL at current levels. The chart is turning from a low of Rs 2,105, which is exactly 61.8 per cent retracement of the rally since Rs 1,730 (July 24, 2006). The long- term trend line is also positioned at these levels. An intermediate-term up move can take place from these levels, with targets at Rs 2,680 and then Rs 3,037. Investors can buy for the intermediate term with a stop at Rs 2,050.

Short-term targets for this stock would be at Rs 2,415. Short-term investors can book profit at this level.

Follow up

Sterlite Industries (Rs 540.85):

Sterlite fell to an intra week low of Rs 516 last week before recovering on Thursday and Friday. The short-term view for this stock stays negative. Close above Rs 570 will negate this view. The medium term view for this stock will stay negative till the stock closes above Rs 615.

Lokeshwarri S. K.

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