Bharat Electronics Limited’s (BEL’s) stock has been in a long-term uptrend. The latest leg of upswing began after it took support at ₹175 two weeks back. Last week, it broke out of the resistance at ₹196 and ₹200. This has opened the door for another round of a rally. Notably, despite the broader market facing downward pressure on Wednesday, BEL’s stock remained steady. This is a positive sign.
We expect the stock to resume the rally soon and it is highly likely to touch ₹220 in the short run. Therefore, buy BEL now at around ₹205 and on a dip to ₹200. Place stop-loss at ₹195 at first. Revise the stop-loss to ₹206 when the price rises to ₹212. Tighten the stop-loss further to ₹212 when the stock hits ₹215. Exit at ₹218.
Today’s Stock Recommendation: 29th February 2024
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)