Bharat Heavy Electricals Limited Stock Forecast

Bharat Heavy Electricals Limited stock price ended at ₹299.60 on Friday, after gaining 1.73%.
(Updated on May 17, 2024)

BHEL.BO Signals & Forecast

The Bharat Heavy Electricals Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹286.33 and ₹267.96. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 03, 2024, and so far it has fallen -1.80%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Bharat Heavy Electricals Limited stock

Bharat Heavy Electricals Limited finds support from accumulated volume at ₹289.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹7.95 between high and low, or 2.71%. For the last week, the stock has had daily average volatility of 3.48%.

Since the Bharat Heavy Electricals Limited has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: ₹287.14 (-4.16%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 10 days ago.)

Trading Expectations (BHEL.BO) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Bharat Heavy Electricals Limited to open at ₹298.35, and during the day (based on 14 day Average True Range), to move between ₹288.14 and ₹311.06, which gives a possible trading interval of +/-₹11.46 (+/-3.83%) up or down from last closing price. If Bharat Heavy Electricals Limited takes out the full calculated possible swing range there will be an estimated 7.65% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹305.10 (1.84%) than the support at ₹289.00 (3.54%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Bharat Heavy Electricals Limited stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Bharat Heavy Electricals Limited stock to perform well in the short-term.

Current score: 2.615 Buy Candidate Unchanged

Predicted Opening Price for Bharat Heavy Electricals Limited of Tuesday, May 21, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.