NSE:BEL can be used for range bound options/trading purpose.
BHARAT ELECTRICAL HAS FORMED BEARISH GARTLEY PATTERN ON HOURLY CHART PATTERN. VIEW NEGATE ABOVE 77.5 ON CLOSING BASIS.
BEL Buy For 70.3 74.15 79.1 (Safe traders Exit at 78) SL 54 Note that BEL is rangebound and will visit 55 Levels for accumulation (Buy at 55 and Sell at 79, Use GTT Orders)
Inverted H&S + Production Demand
Buy " BEL if the price is above 76 stoploss 74 first target 76 second 79 and open
trendline formed in BEL , frst target 81 if it breaks the trendline then double top s formed, target will be designed accordingly
facing resistance on diagonal trendline may see some dwonside
BEL (Bharat Electronics) looks Bullish with Head & Shoulder pattern, Buy Above 112 with SL of 107 Also RSI Bullish Divergence on hourly chart
One can go short on BEL with the target of 103.85, since there is divergence in stochastic and MACD , it has also given a breakdown below a short term trendline. It has also made double top and broken the neckline on the downside.
With many PSU cmpanies like GRSE,RITES, PSU banks changing trend. This one seems ready for the next lap. CMP 118.2