Multibagger stock: Shares of Bharat Heavy Electricals Ltd (BHEL) have fallen 34% from their 52-week high in six months. The multibagger stock hit a 52-week high of Rs 335.40 on July 9, 2024. BHEL shares look bearish in terms of price action as they are trading lower than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
The Maharatna stock has been highly volatile for a year with its beta at 1.9. On the other hand, BHEL stock has risen 14% in a year and gained 171.62% in two years.
In the short term, the stock has turned weak, losing 32% in six months.
In the current session, the stock was trading on a flat note at Rs 221 on BSE. Market cap of the firm stood at Rs 77,998.22 crore. However, the multibagger stock is trading neither in the overbought nor in the oversold zone, signals its relative strength index (RSI), which stands at 37.4.
Total 0.53 lakh shares of the firm changed hands amounting to a turnover of Rs 1.18 crore in early deals today.
BHEL's share price target stands at Rs 371 in 2025, said JM Financial.
"With a growing and executable order book, increased execution (29% YoY revenue growth in 2QFY25), and improving margins (4.2% in 2QFY25 vs -3% in 2QFY24), the company has regained its growth trajectory. We expect revenue/EBITDA to grow at a CAGR of 30%/103% through FY24-FY27E," said the brokerage.
Shiju Koothupalakkal, Senior Manager - Technical Research Analyst at PL-CAPITAL said, "The stock has witnessed a gradual slide since the last one month and has arrived near the support zone of the previous low made near Rs 218 levels where, on the intraday 60 minutes chart, has indicated a significant revival to improve the bias anticipating for further upward move. On the daily chart, a decisive move past the Rs 228-230 zone shall improve the bias to trigger for further rise with targets of Rs 258 and Rs 270 levels visible in the coming days. The RSI is technically well placed and having much upside potential, one can buy and accumulate the stock keeping the stop loss of Rs 210 levels."
AR Ramachandran, SEBI registered Independent analyst says, "BHEL stock price is slightly bearish on the Daily charts with strong resistance at 231.5. A Daily close below support of 213 could lead to a target of 192 in the near term."