Technical Pick - Bharat Electronics (BEL)
BEL looks weak on charts …Support at 180 and
Resistance at 188.
Break and sustain
below 180 will take it to 171—168 and then to 160 mark in days to come else
could touch its resistance level of 188.
Fresh buying can be
initiated above 188 only.
BEL has retraced 61.8%
from top of 192.90 currently trading at 182.00 and it can touch 100% --138% and
161% projection levels which stood at 171—168 and 160 respectively.
RSI showing
negative divergence on daily chart which indicates upside seems limited in it.
So trade don’t go
for aggressive buying at this stage as stock is looking weak and could touch 160
mark in near term.
Trading recommendation (13th Dec 2017)
Sell BEL below 180 with stop loss above 188 for the initial target of 171--168 and then to 160 mark.
