Bharat Electronics Ltd

NSE :BEL   BSE :500049  Sector : Consumer Durables

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

NEWS ON STOCK: Bharat Electronics surges 11.3% on strong Q4 results, hits over 3-year high. In Q4FY21, BEL reported a 30.7 per cent year on year (YoY) jump in profit after tax (PAT) at Rs.,352 crore on the back of healthy revenue growth and operational performance. The company said it has a healthy order book position as on April 1, 2021. “BEL reported a strong all-round performance in Q4FY21 despite a challenging environment,” the brokerage house said.

What’s Ahead? Technical outlook of BEL:

As it can be observed stock is trading in “Upward Sloping Channel Pattern”. Stock prices are heading towards channel resistance around 176- 178, Comparative Relative Strength Indicator shows signs of bullishness in the stock. BEL share price is trading above 10,20 Exponential Moving Averages which indicates high momentum in the stock. We suggest intraday trades to ride the momentum and go long on the stock for the target of 176- 178 with stop loss placed below 162. On the flip side stock needs to cross 178 to see more upside. There lies an opportunity for swing traders to short sell stock on higher levels​​ at 176-177 with stop loss of 180 for the target of 153.

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