Bharat Heavy Electricals Limited Stock Forecast

Weaker technical forecast for Bharat Heavy Electricals Limited as stock downgraded to Hold/Accumulate.
(Updated on Jun 14, 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 ₹292.52 and ₹289.49. 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 Tuesday, May 21, 2024, and so far it has fallen -4.24%. 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 ₹301.90 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 ₹9.50 between high and low, or 3.17%. For the last week, the stock has had daily average volatility of 3.36%.

Our recommended stop-loss: ₹287.43 (-5.96%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 58 days ago.)

Trading Expectations (BHEL.BO) For The Upcoming Trading Day Of Tuesday 18th

For the upcoming trading day on Tuesday, 18th we expect Bharat Heavy Electricals Limited to open at ₹305.02, and during the day (based on 14 day Average True Range), to move between ₹289.11 and ₹322.19, which gives a possible trading interval of +/-₹16.54 (+/-5.41%) 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 10.83% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹301.90 (1.23%) than the resistance at ₹311.35 (1.86%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Bharat Heavy Electricals Limited stock A Buy?

Bharat Heavy Electricals Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.599 Hold/Accumulate Downgraded

Predicted Opening Price for Bharat Heavy Electricals Limited of Tuesday, June 18, 2024

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