Wait and watch for BHEL: Mitesh Thacker
I think BHEL is showing some kind of a possibility that bottom may be formed. We have seen last three or four price down swings end in the level of around Rs 1700 to Rs 1680.
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| Updated: Mitesh Thacker, Technical Analyst, miteshthacker.com, in a chat with ET Now, gives his market outlook
L&T and BHEL do you see a trend building there?
Well of the two in fact for long periods of time we have been more position L&T but if I was to segregate that long term outperformance and underperformance kind of a view and look at extremely short term charts I think BHEL is showing some kind of a possibility that bottom may be formed. We have seen last three or four price down swings end in the level of around Rs 1700 to Rs 1680 and we have seen prices bounce back from them. So probably here I would just wait for the stock to get past and close above Rs 1785-1790 odd levels and this would complete a proper pullback to levels of about Rs 1900-1950 so that is one stock to watch out from a trading point of view otherwise I do not have a very clear view on L&T.
L&T and BHEL do you see a trend building there?
Well of the two in fact for long periods of time we have been more position L&T but if I was to segregate that long term outperformance and underperformance kind of a view and look at extremely short term charts I think BHEL is showing some kind of a possibility that bottom may be formed. We have seen last three or four price down swings end in the level of around Rs 1700 to Rs 1680 and we have seen prices bounce back from them. So probably here I would just wait for the stock to get past and close above Rs 1785-1790 odd levels and this would complete a proper pullback to levels of about Rs 1900-1950 so that is one stock to watch out from a trading point of view otherwise I do not have a very clear view on L&T.
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