Indian benchmark indices kicked off the week on a positive note, thanks to strong Q1 GDP numbers amid global uncertainties. Traders also watched SCO summit in China for the further cues.
BSE Sensex surged 554.84 points, or 0.70 per cent, to settle at 80,364.49, while NSE’s Nifty50 rallied 198.20 points, or 0.81 per cent, to close at 24,625.05 for the day.
Select buzzing PSU stocks including Bharat Heavy Electricals (BHEL), BEML and Bharat Electronics (BEL) are likely to remain under the spotlight of traders for the session today. Here is what Jigar S Patel, Technical Research Analyst at Anand Rathi Shares & Stock Brokers has to say about these stocks ahead of Tuesday’s trading session:
Bharat Electricals | Caution | Resistance: Rs 380 | Support: Rs 360
BEL is trading below the 10 and 20 DEMA at the current juncture, indicating ongoing weakness in the stock. Although a bullish divergence is visible on the hourly chart, it has yet to be confirmed by price action, keeping the overall trend cautious. A decisive close above the Rs 380 mark is essential to validate any potential upside momentum. Until then, it is advisable to adopt a wait-and-watch approach. On the downside, immediate support is placed near Rs 360, while resistance stands at Rs 380. A breakout beyond this resistance could trigger fresh buying interest in the short term.
Bharat Heavy Electricals | Caution | Resistance: Rs 216 | Support: Rs 205
BHEL is trading below the 10 and 20 DEMA, reflecting persistent weakness. While a bullish divergence has emerged on the hourly chart, it remains unconfirmed by price action, keeping the outlook cautious. For any meaningful upside, a decisive close above Rs 216 is crucial. Until that happens, a wait-and-watch approach is recommended. On the lower side, immediate support is seen at Rs 205, whereas resistance is placed at Rs 216. A clear breakout above this resistance level could open the door for renewed buying momentum in the short term.
BEML | Caution | Resistance: Rs 4,000 | Support: Rs 3,800
BEML is witnessing weakness as the stock trades below its 10 and 20 DEMA, signalling cautious sentiment in the near term. Although a bullish divergence has appeared on the hourly chart, it is yet to be validated by price action. Thus we believe that a decisive close above Rs 4,000 will be critical to trigger fresh upside momentum. Until such confirmation, investors are advised to remain on a wait-and-watch mode. On the downside, immediate support is placed around Rs 3,800, while resistance lies near Rs 4,000. A breakout above this resistance zone could pave the way for renewed buying interest in the stock.