Technical Analysis:BHEL and JP Associate

By | August 2, 2011 8:14 pm


BHEL has been awarded the 9 th most innovative company in the world. Results were a disaster set of numbers and market punished the stock.

Stock broke the crucial support of 1890 and went down to fill the gap made in may 09.

After the fall BHEL is consolidating in a range taking a breather in 1856-1800 range.Break of either 1800 will take the stock lower and Break of 1856 will take the stock higher where the breakdown occurred at 1890 levels.

Biased is towards downside as still the gap till 1754 needs to be filled.

Sell below 1800 Tgt 1784,1765 Sl 1810

Buy above 1813 Tgt 1826,1841 and 1856 Sl 1800


JP Associate


Never Catch a Falling Knife is a truism and applicable for JP Associate,Stock has been falling 101 levels and today broke the long term trendline at 65 on large volumes which is bearish for the stock.

JP Associate is again an Sell on Rise Candidate.

Next important support comes for the stock is 59 and after that 48 levels

For Investment Purpose small buy can be done around 49 levels

Levels for Tomorrow:

Buy above 65.3 Tgt 66.6 and 68

Sell below 64 Tgt 63.1 and 61.8




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