BHEL is a heavily beaten stock in since 52 weeks. It has lost almost 50% in one year. Now trading at 298. It is very difficult to digest these kind of moves in a stock which is one of the major movers in Nifty-50.
It has strong technical support at 240 levels. In other words 15% from here on. If it falls more than 15% then it will enter into danger zone.
For the investors those who want to enter freshly at the current levels should maintain 15% stop which comes around 240-250. So average with that stop when it falls.
Up-move will unfold above 330 levels. Even monthly Ichimoku chart it has been trading below resistance of 360s.
BHEL Monthly Chart
BHEL Monthly Ichimoku Chart
About the Author : Priya is the Technical Analyst and author of Analystcalls and often writes guest posts for Marketcalls.