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BHARAT ELECTRONICS LTDBHARAT ELECTRONICS LTDBHARAT ELECTRONICS LTD

BHARAT ELECTRONICS LTD

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BEL trade ideas

Bharat Electronics ( BEL ) - Technical Analysis - 9/22/2016Bharat Electronics' ( BEL ) stock is stuck between 1000 and 1400 for past one and half year. Jump from 300 to 1300 was swift but then some reality caught up. Usual market buoyancy and fertile ground for equities due to central bank policies has made the valuation part confusing. As we mentioned earlier that it is futile to fight easy money and stock market will either keep going up or consolidate until it crashes. There is no check and balance here. Anybody who is dabbling with the market must be cautious and instead of chasing, should play the established range. In normal circumstances, a run up higher and consolidation is very bullish sign but this is not the time to bet on quick big gains. Rather trading tactic should be, 1. ) Buy puts when it breaks 1400 for the first time to cash on the pull back. 2.) A break about 1400 should be confirmed by being supported at that level but we are not keen on trading that break as of now. 3.) Drop towards 1000 support area should provide couple of good trades from long side. But always keep in mind that if that drop is due to some kind of equity meltdown then there is nothing to support the stock until 700 - 800.
NSE:BEL
by BombayBulls
1