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India Infoline maintains SELL on Bhel

India Infoline maintains SELL on Bhel
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First Published: Fri, Jan 30 2009. 09 47 AM IST
Updated: Fri, Jan 30 2009. 09 47 AM IST
The stock has seen a sharp fall in prices from the levels of Rs1,740 during third week of September 2008 to a low of Rs981 in October 2008. Thereafter, it rallied to a high of Rs1,538.
However, since November 2008, the stock has been consistently facing resistance at the upper trendline of the Symmetrical Triangle formation.
On Monday, it closed below its short-term moving averages and support of its lower ascending trendline, which suggest that the stock is set to decline in next few trading sessions.
A break below Rs1,350 levels will see the stock correcting for potential target of Rs1,300 and Rs1,280 levels.
Keeping in mind the above mentioned technical evidences, we recommend traders to SELL the stock at current levels and on rallies to resistance of Rs1,375 levels for target of Rs1,290. A stop loss of Rs1,395 is recommended on all short positions.
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First Published: Fri, Jan 30 2009. 09 47 AM IST
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