Bharat Electronics Ltd

NSE :BEL   BSE :500049  Sector : Electronics

About Company: BEL was established in 1954 in association with CSF, France (now, Thales), to meet the specialized electronic equipment requirements of the Indian Defence Services. BEL is an Indian state-owned aerospace and defence company with about nine factories, and several regional offices in India.

Daily Chart of BEL:

Technical Outlook Of BHARAT ELECTONICS LTD.

On Friday 14th Jan 2022 Stock gained 5.03% and closed at 220.10 a price appreciation of Rs.10.55 Per share. In the Intraday trading session stock opened in the positive zone and continued its momentum till end of the trading session. In the last of trading huge buying interest was seen from trades. On 28th Jan 2022 company will release its quarterly numbers.

We can observe consolidation on the Daily chart of BEL, stock is consolidating between upward sloping channel pattern. Currently stock touched channel pattern resistance line and breakout is still awaited. If stock breaks channel resistance, it can approach an all time high level of 228. When placing the trend line on Relative strength index (RSI) Indicator we can observe breakout on the Indicator and its approaching 70. Looking at Channel Pattern and RSI breakout Out chances of stock breaking above Channel pattern resistance trendline is very high.

We recommend traders to go long on BEL only if it sustains above 223. Targets on the upside should be placed at 228 and 235. Stop Loss should be kept below 213.

Note: Risk and Reward are not looking favorable and company is awaiting for Quarterly results also Budget 2022 is awaited by market hence we can see volatility in the stock so trade in low quantity in cash segment.