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Tuesday, August 3, 1999

Bhel -- Time to accumulate 

K Seshadri  
Bhel has a long-term support line between Rs 232 and Rs 250. Currently, it is on a spell of decline. It has a trend support at Rs 225. The stock has declined from the level of Rs 330.

Should the downward spell continue, target Rs 225 for picking up. On the other hand, given that Rs.232-Rs.250 is again another support band, which has held for a long time, it may be wise to start picking up slowly from the current level. Rs 222 also happens to be the 61.8 per cent retracement.Rs 249 is the 50 per cent retracement. The stochastic indicator is into the oversold region and the relative strenth (RSI) indicator is about to enter into the oversold region.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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