BHEL shares down 21% from record high; here's what analysts say
BHEL share price: The stock has slipped 20.82 per cent from its all-time high of Rs 322.35, a level seen on May 21, 2024. Despite the mentioned fall, the multibagger scrip has gained 202.74 per cent in the past one year.
- Jun 5, 2024,
- Updated Jun 5, 2024 7:29 PM IST
Bharat Heavy Electricals Ltd (BHEL) shares on Wednesday settled 3.70 per cent higher at Rs 255.25 amid a volatile session. At this closing price, the stock has slipped 20.82 per cent from its all-time high of Rs 322.35, a level seen on May 21, 2024. Despite the mentioned fall, the multibagger scrip has gained 202.74 per cent in the past one year.
On technical setup, support on the counter could be seen in the Rs 220-225 zone. And, a decisive breach above Rs 255 is required for more upside.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "BHEL has corrected around 21 per cent from all-time highs, turning around the primary sentiment. The overbought conditions have recently cooled off and now need further consolidation before resuming the upward trend. Rs 220 is likely to be seen as intermediate support, followed by the Rs 200 zone. On the higher end, Rs 270 is likely to be seen as an intermediate hurdle, followed by the 290-300 range."
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "Resistance on the counter will be seen at Rs 255 level. A decisive breach above the said range can only decide the next leg of rally."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 225 and resistance at Rs 255. A decisive close above Rs 255 level may trigger a further upside till Rs 275. The expected trading range will be between Rs 225 and Rs 275 for a month."
The counter traded lower than the 5-day, 10-, 20-, 30-day and 50-day simple moving averages (SMAs) but higher than the 100-day, 150-day and 200-day SMAs. The counter's 14-day relative strength index (RSI) came at 39.41. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a negative price-to-equity (P/E) ratio of 335.86 against a price-to-book (P/B) value of 3.58. Earnings per share (EPS) stood at (-)0.76 with a return on equity of (-)1.06.
On BSE, around 39.12 lakh shares changed hands today. The figure was higher than the two-week average volume of 28.64 lakh shares. Turnover on the counter came at Rs 94.49 crore, commanding a market capitalisation (m-cap) of Rs 88,879.67 crore.
Bharat Heavy Electricals Ltd (BHEL) shares on Wednesday settled 3.70 per cent higher at Rs 255.25 amid a volatile session. At this closing price, the stock has slipped 20.82 per cent from its all-time high of Rs 322.35, a level seen on May 21, 2024. Despite the mentioned fall, the multibagger scrip has gained 202.74 per cent in the past one year.
On technical setup, support on the counter could be seen in the Rs 220-225 zone. And, a decisive breach above Rs 255 is required for more upside.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "BHEL has corrected around 21 per cent from all-time highs, turning around the primary sentiment. The overbought conditions have recently cooled off and now need further consolidation before resuming the upward trend. Rs 220 is likely to be seen as intermediate support, followed by the Rs 200 zone. On the higher end, Rs 270 is likely to be seen as an intermediate hurdle, followed by the 290-300 range."
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "Resistance on the counter will be seen at Rs 255 level. A decisive breach above the said range can only decide the next leg of rally."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 225 and resistance at Rs 255. A decisive close above Rs 255 level may trigger a further upside till Rs 275. The expected trading range will be between Rs 225 and Rs 275 for a month."
The counter traded lower than the 5-day, 10-, 20-, 30-day and 50-day simple moving averages (SMAs) but higher than the 100-day, 150-day and 200-day SMAs. The counter's 14-day relative strength index (RSI) came at 39.41. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a negative price-to-equity (P/E) ratio of 335.86 against a price-to-book (P/B) value of 3.58. Earnings per share (EPS) stood at (-)0.76 with a return on equity of (-)1.06.
On BSE, around 39.12 lakh shares changed hands today. The figure was higher than the two-week average volume of 28.64 lakh shares. Turnover on the counter came at Rs 94.49 crore, commanding a market capitalisation (m-cap) of Rs 88,879.67 crore.