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.