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India Infoline puts BUY on BEML

India Infoline puts BUY on BEML
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First Published: Tue, Jun 09 2009. 09 43 AM IST
Updated: Tue, Jun 09 2009. 09 43 AM IST
The stock has seen a severe correction from a high of Rs1,852 in December 2007 to a low of Rs280 in November 2008. This was a panic bottom and the stock has rallied without a retest of this low.
On the weekly chart, the price movements appear to have formed a higher bottom formation. After breaking out from the top of a trading range, the stock is now consolidating at higher levels.
Traders can BUY the stock between the levels of Rs915-935 with a stop loss of Rs905 for a short-term target of Rs965 in the coming trading sessions.
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First Published: Tue, Jun 09 2009. 09 43 AM IST
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