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PL Capital Report
Bharat Electronics (Current Market Price: Rs 284, Target: Rs 426, Stop Loss: Rs 240)
The stock has witnessed a decent erosion since the last three months from the peak zone of 340 to take support near the 265 zone to form a double bottom formation on the daily chart and indicated a pullback to improve the bias.
A decisive move past the significant 50EMA zone at 290 shall further strengthen the trend to anticipate for further rise.
The RSI is well placed at current rate and with much upside potential visible from current rate, the chart is technically looking very attractive, and we suggest buying the stock for an upside positional target of 426 keeping the stop loss at 240 level.
Bharat Heavy Electricals (Current Market Price: Rs 254, Target: Rs 390, Stop Loss: Rs 215)
The stock after sliding down from the peak zone of 335 levels, has been hovering around the 260-270 band for quite some time which is near the important 200 period MA zone and recently, once again has witnessed a short period of correction from 290 zone to take support near the strong base at around 250-254 levels and has indicated a revival with a pullback to improve the bias.
The RSI has indicated a positive trend reversal to signal a buy and can carry on with the positive move further ahead with much upside potential visible from current rate. With the chart technically well placed, we suggest to buy the stock for an upside positional target of 390 keeping the stop loss of 215 level.
Click on the attachment to read the full list of Diwali picks By PL Capital:
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