chanakyak

BEPL Chart Analysis - for Short to Medium Term

NSE:BEPL   BHANSALI ENG POLYM
BEPL looking like in Consolidating and Forming the "Descending triangle" pattern on day charts.

Price recently got rejected from 50% levels recently and moving side ways with lower levels.

Although its making strong support at 155 - 160 levels, but looking at overall trend and nifty , price likely to break the support.

This confirms the bearishness and confirmation of "Descending triangle" pattern breakout.

The first demand point will be 135-140 where we can expect minor retracement.

If price fails to hold above level, we can see 110-120 levels, which happens to be Major demand point and we can expect price reversals strongly.

Investors are advised to Use "Buy in Parts - Buy in Dips" strategy until they see a clear hold of mentioned levels.
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