Bharat Electronics up 100% in One Year. Should you Buy it ?

Bharat Electronics Ltd has been the center of attention for investors as it has moved beyond the support and resistance levels from a 12-week consolidation on weekly charts.

Interestingly, the stock surged to Rs 306 on December 2, 2024 compared to Rs 147 on December 1, 2023, up by 108%.

As per the experts, short-term traders can look forward to buying the stock for a target price of Rs 340 in the next 3-4 weeks.

The stock reached its peak on July 10, 2024 at Rs 340. However, it failed to maintain its momentum due to high sell-offs. It made a comeback as it’s trading above the 50-week moving average on weekly charts.

Currently, it is trading above most of the crucial short and long-term moving averages such as 5,10,30,50,100 and 200-DMA on the daily charts.

Daily Relative Strength Index (RSI) is placed at 63.1

Arpit Beriwal, Analyst, Equity Derivatives & Technicals, MOFSL said, “Bharat Electronics stock has negated the formation of lower highs – lower lows on monthly scale after four months and formed a strong bullish candle.”

He said, “On the weekly scale, the stock gave a range breakout after 12 weeks with good surge in volumes.”

He highlighted, “It is holding well above its 50 WEMA and the momentum oscillator also gave a bullish crossover, which suggests momentum to continue in coming sessions.”

“The stock has seen relative outperformance within PSU space and thus looking at the current set up we are recommending buying the stock with keeping the stop loss below 293 levels on a closing basis for a previous lifetime high towards 340 zones.” he advised.

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