Short-term rally in BHEL likely to continue: Edelweiss

MUMBAI: Edelweiss is of the view that short-term bullish rally in BHEL is likely to continue. It expects the stock to touch target of Rs 2450.

“After dropping sharply of the highs of Rs 2700, BHEL has found support at Rs 2055. The stock moved out of an weekly ‘inside bar’ pattern in the previous week triggering a short-term bullish rally. The rally is likely to continue in the coming sessions.

Momentum oscillator RSI has moved up from oversold levels on the weekly chart. On the daily chart, MACD and stochastic have triggered a buy which would help the stock move higher. We expect it to test Rs 2450, and the downside to be limited to Rs 2195,” the report said.