BHEL share price jumps 14%, rises 19% in two days. More steam left?

  • BHEL share price has ascended from 246.55 to 292.35 in two straight sessions

Asit Manohar
Updated6 Jun 2024, 12:40 PM IST
BHEL share price may go up to  <span class='webrupee'>₹</span>320 per share in the near term, say experts.
BHEL share price may go up to ₹320 per share in the near term, say experts.

Stock market today: Shares of Bharat Heavy Electricals Ltd (BHEL) have been in an uptrend for the last two straight sessions. BHEL share price extended its rally on Thursday and touched an intraday high of 292.35 per share on NSE, recording around a 19 percent rise in two days.

According to stock market experts, BHEL shares are witnessing sharp upside movement today as there is a market buzz about project orders in Raipur. This has sparked buying interest in the PSU stock. They said that the stock has bounced back from what is known as the 'oversold zone ', a technical term indicating a stock's price has fallen too far and is likely to rebound. They predict it may touch 315 to 320 in the short term.

Also Read: Why is Adani Power share price skyrocketing today? — explained

Triggers for BHEL share price rally

Asked about the reason for rise in BHEL share price, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "BHEL shares are rising on the market buzz about the company receiving fresh orders from Adani Power in Raipur. The contract order is worth over 3500 crore. As per the news, the company has received two 800 MW project orders in UP, which has triggered buying interest in BHEL shares." 

Also Read: PSU Bank index jumps 4.4% on BJP-led NDA govt confirmation; IOB, CBI top gainers

BHEL share price target

Expecting more upside in BHEL shares, Ganesh Dongre, Senior Manager—Technical Research at Anand Rathi, said, “The BHEL share price bounced back from the oversold zone, and the stock may touch 315 to 320 in the current rally. So, BHEL shareholders are advised to hold the scrip, keeping the stop loss at 265. For those who have a long-term view, they can maintain a buy-on-dips strategy, keeping the stop loss at 240 per share.”

On the suggestion to fresh investors regarding BHEL shares, Ganesh Dongre said, "Fresh investors can buy BHEL shares at current levels, maintaining a stop loss at 240. They are advised to maintain buy-on-dips till the stock is above 240. Fresh investors should maintain a strict stop loss at 240 apiece."

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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News in Numbers

Numbers that help you understand news better
₹588.25 Cr

₹20,000 Cr

7.93 Cr

₹8,943 Cr

20 Yrs

First Published:6 Jun 2024, 12:40 PM IST
HomeMarketsStock MarketsBHEL share price jumps 14%, rises 19% in two days. More steam left?

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