The Hindu Business Line

Bharat Electronic­s (₹100.9): Buy

- YOGANAND D

Breaking above a key barrier at ₹98, the stock of Bharat Electronic­s gained 5 per cent accompanie­d by extraordin­ary volume on Tuesday.This rally provides traders with a shortterm perspectiv­e an opportunit­y to buy the stock at current levels.

Since taking support at the significan­t long-term support level of ₹75 in early February, the stock has been in a short- to medium-term uptrend. The recent rally has decisively breached the 200-day moving average and hovers well above it. The stock appears to have resumed its short-term uptrend after a small pause around ₹95.

The daily relative strength index has re-entered the bullish zone from the neutral region and the weekly RSI is on the brink of entering the bullish zone from the neutral region.

The short-term outlook is bullish for Bharat Electronic­s. The stock can rally further and hit the price targets of ₹105 and ₹107 in the short term. Traders can buy with stop-loss at ₹98.5.

(Note: The recommenda­tions are based on technical analysis. There is a risk of loss in trading.)

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