Stock Pick For Wednesday, November 24, 2021

  • by THO
  • 6 days ago
  • news
  • 1

In the previous session, the market once again opened on a negative note. Post that the index gradually recovered all its loss. The index got stronger as the day progressed and closed with a net gain of 86.80 points. A bullish window occurred on the daily chart. Due to near month expiry, we recommend approaching the markets in a stock-specific way.

Indian Stock Market will open positive. Technically, the Indian Stock Market is still in the negative zone but would enter into the positive zone once it closes above 17628 for Nifty and 37703 for . Currently, the market would consolidate and traders can go long if the market manages to close above EquityPandit’s predicted reversal levels of 17628 for Nifty and 37703 for .

Following stock looks technically strong and traders can go long at below given levels:

Bharat Electronics (NS:) Ltd

NSE: BEL   BSE: 500049  Sector: Electronics

On the daily chart, we can see that BEL stock prices have formed a ‘Mega Phone Pattern’ and are currently placed near the support of the pattern. The formation consists of a minimum of two higher highs and two lower lows. Also, Prices have been giving a break above the Ichimoku cloud which is a strong indication of a positive trend. As per the candle technique, A bullish Engulfing pattern appeared on the daily chart. All these technical parameters indicate that price can move upside towards Megaphone pattern resistance level.

In short, the trend for BEL looks to be positive. A throwback can be expected near 205-207 levels. Use dips as a buying opportunity for a move towards 218/228 levels as long as 199 levels hold on the downside.

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