BEML

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Can I en­ter BEML to av­er­age my po­si­tion?

AVOID BEML FOR NOW

BEML is cur­rently trad­ing at Rs 817.45. Its 52-week high/low stand at Rs 1947.45/737.45 made on Septem­ber 19, 2017 and July 23, 2018 re­spec­tively. The stock is seen fall­ing with lower tops and lower bot­toms since its 52-week high level. The stock had attempted a bounce with sharp rise from the 52-week low, breach­ing its prior re­sis­tance, but it re­treated sharply and is now con­sol­i­dat­ing at lower lev­els. The vol­umes are low and the 14-pe­riod RSI below 55 sug­gests lack of mo­men­tum. The stock is also trad­ing below its 50, 100 and 200-day EMA re­sis­tances. We sug­gest you to avoid for now and en­ter above Rs 855-870.

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