BEML rallies 9% with over 5-fold jump in volumes, experts see stock crossing Rs 1,500

Experts expect the stock to surpass Rs 1,500 levels in coming sessions, followed by next swing high of Rs 1,580, which it tested multiple times in the past.

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The BEML share price gained more than 9 percent to reach around two-and-a-half-month high on May 4 after the formation of a triple bottom kind of pattern on the daily scale, indicating the buyers have taken control of the price from sellers.

The stock has formed a big bullish candlestick pattern on the daily timeframe, with making higher highs higher lows for the third consecutive session and there was more than five-fold jump in trading volumes.

With today’s up-move, the stock climbed above all key (short to long term) moving averages (5, 26, 50, 100 and 200-day moving average), which is a positive sign. If it closes above 200 DMA, then it may see further uptrend in coming sessions.

Also BEML has been holding its long upward sloping support trendline adjoining lows of June 20 last year and March 16 this year, since last month.

Momentum indicator MACD (moving average convergence divergence) has given a nice positive crossover above the zero line and the RSI (relative strength index 14) at 74 levels showed bullish bias.

Hence, experts expect the stock to surpass Rs 1,500 levels in coming sessions, followed by next swing high of Rs 1,580, which it tested multiple times in the past.

“The stock is trading at multi-month high level after taking strong support at Rs 1,130 – 1,100 levels. The stock has formed a triple bottom price pattern as well as CIP formation (Change in Polarity) near Rs 1,100 mark. On the weekly charts, the stock has given a breakout of A-B-C price pattern indicating positive undertone of the stock,” Vidnyan Sawant, AVP – Technical Research at GEPL Capital, said.

In today’s session, the stock has formed big bullish candle with huge volume confirmation which implies that today’s low will act as a crucial support in coming future, he feels.

The stock has important resistance placed at Rs 1,450, followed by Rs 1,530 and on the other side, it has strong support placed at Rs 1,275, then at Rs 1,180 levels.

Foram Chheda, Technical Research Analyst and Founder of ChartAnalytics.co.in, said the stock price has now moved above its 50-day and 100-day moving averages, and it is currently attempting to move above its 200-day moving average, indicating a further bullish trend.

She feels the momentum is likely to continue towards Rs 1,460 levels, which may act as a short-term resistance. Any price move below Rs 1,290 can be seen as an indication to move out of the stock.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.