BHEL shares jump 5% to hit one-year high; here's what analysts say

Shares of Bharat Heavy Electricals Ltd (BHEL) rose sharply in Wednesday's trade to scale their one-year high level. The stock surged 5.08 per cent to hit a 52-week high of Rs 213.20. At this price, the multibagger scrip has gained 221.57 per cent from its one-year low of Rs 66.30, a level seen on February 27 last year.

The state-run power generation equipment manufacturer has recently bagged an EPC order for setting up a thermal power project in Odisha.

Technical analysts largely remained positive on the counter, suggesting a further upside in the near term. For BHEL's stock, support will be around Rs 200 level.

"BHEL is looking good on charts. From here, support will be at Rs 200-190 levels for expected targets of Rs 220-230 in a couple of days," Mileen Vasudeo, Senior Technical Research Analyst at Arihant Capital Markets, told Business Today TV.

"Rs 200-198 is likely to cushion any blip while Rs 190-186 is likely to act as a sacrosanct support zone. On the higher end, sustainability above the mentioned zone is expected to attract a buoyant move towards Rs 220-225 in the comparable period," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.

"The stock has once again indicated a bullish candle pattern on daily charts. A further rise can be expected in the coming days with next targets of Rs 235-247 levels. One can stay invested, keeping near-term stop loss placed at Rs 194," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.

"BHEL is bullish but also overbought on daily charts with next resistance at Rs 224. Investors should book profits at current levels as a daily close below support of Rs 201 could lead to target of Rs 174 in the near term," said AR Ramachandran from Tips2trades.

The stock is looking strong may see Rs 225 level in the near term, said DRS Finvest founder Ravi Singh. Keep stop loss placed at Rs 204, he mentioned.

The counter saw high trading volumes today as 43.16 lakh shares were last seen changing hands on BSE. The figure was higher than the two-week average volume of 24.42 lakh shares. Turnover on the counter stood at Rs 89.96 crore, commanding a market capitalisation (m-cap) of Rs 72,270.22 crore.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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