BEPL trade ideas
BEPL is in bearish trend and may see a level of 145 in near termThere is a strong support at this level and the stock may return from here to touch 169 in near term. Support is at 145.
BEPL - Elliott Wave countSeems BEPL has completed 5 waves up. ABC Correction should take it below 150.
BEPL Chart Analysis - for Short to Medium TermBEPL looking like in Consolidating and Forming the " Descending triangle " pattern on day charts.
Price recently got rejected from 50% levels recently and moving side ways with lower levels.
Although its making strong support at 155 - 160 levels, but looking at overall trend and nifty , price likely to break the support.
This confirms the bearishness and confirmation of "Descending triangle" pattern breakout.
The first demand point will be 135-140 where we can expect minor retracement.
If price fails to hold above level, we can see 110-120 levels, which happens to be Major demand point and we can expect price reversals strongly.
Investors are advised to Use "Buy in Parts - Buy in Dips" strategy until they see a clear hold of mentioned levels.
BPCLThe stock has a strong personality of 50D EMA. An ascending channel is formed and a reversal can be expected for tne channel support.
