Todays Pick

BEML (1,435): BUY

Gurumurthy K BL Research Bureau | Updated on September 14, 2021

The outlook for the stock of BEML (Bharat Earth Movers Limited) is bullish. The stock has surged 6.9 per cent on Tuesday breaking above the key resistance levels of ₹1,370 and ₹1,420. This also marks the resumption of the uptrend that had begun in March this year.

The level of ₹1,370 can now act as a good resistance-turned-support. Dips below ₹1,400 if seen are likely to get fresh buyers near ₹1,370. As such a fall below ₹1,370 looks less probable at the moment. The current leg of up move that has begun just now can target ₹1,540 initially. A break above ₹1,540 will the pave way for a further rise to ₹1,620-1,630 eventually in the coming weeks. Investors with a short-term perspective can go long at current levels.

Accumulate longs on dips at ₹1,380. Stop-loss can be placed at ₹1,330. Trail the stop-loss to ₹1,475 as soon as the market moves up to ₹1,510. Book partial profits (50 per cent) at ₹1,540 and move the stop-loss further up to ₹1,510 for the balance of the long positions.

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

Published on September 15, 2021

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