Chart Check: Why BHEL could hit fresh 52-week highs in next 3 months; target seen above Rs 100
Despite facing a 10% dip from its record-high, Bharat Heavy Electricals (BHEL) could surpass the December 2022 highs in the short-run, according to technical analysis. The stock broke out of a Flag & Pole candlestick pattern on weekly charts in May 2023 and has sustained support above the 200-DMA on daily charts. The daily SMA indicates a predominantly bullish trend. Founder & CSO at AlgoBulls, Suraj Bathija, advises buying shares at CMP Rs 85, with potential targets of Rs 116 and Rs 145 and a stop loss of Rs 77 in the next quarter.