BHEL shares in a bull run, is upside capped or Rs 450 price target mark likely?

BHEL share price: Shares of multibagger Bharat Heavy Electricals Limited (BHEL) are in a bull run with RSI at 71.1 signalling the PSU stock is overbought in charts. BHEL shares are trading above 10 day, 20-day, 30 day, 50-day, 100-day and 200-day moving averages, which signals a strong uptrend. The stock has a beta of 1.31, indicating high volatility in a year. The stock has risen 41% this year and gained 60% in three months. It has risen 469% in five years and 418% in three years. 

Analysts are majorly bullish on the multibagger stock, predicting more upside from the current levels. 

Virat Jagad, Sr. Technical Research Analyst at Bonanza said, BHEL remains in a strong medium-term uptrend after a sharp rally from the Rs 250 zone, but the stock is currently witnessing consolidation near the Rs 390–400 resistance band. The recent sideways movement near highs indicates profit booking rather than trend reversal. A decisive breakout above Rs 400 can trigger fresh upside towards Rs 430–450 levels in the coming weeks. On the downside, Rs 370 is likely to act as immediate support, followed by stronger support near Rs 345. Overall, the broader trend remains bullish, and any dip towards support zones may attract buying interest as long as the stock sustains above key moving averages."

BHEL shares hit a record high of Rs 417.70 on May 14, 2026 and fell to a 52 week low of Rs 205.20 on August 29, 2025. 

Hitesh Tailor, Technical Research at Choice Broking said, BHEL has witnessed a strong breakout on the daily chart after surpassing its long-term downward sloping trendline resistance, indicating a significant improvement in the overall price structure. The recent upmove appears to have emerged after a consolidation breakout near the Rs 255–260 zone, which now acts as an important support area for the stock. Despite some profit booking from higher levels near Rs 418, the broader trend continues to remain positive. As long as the stock sustains above the Rs 370–365 support zone, the bullish structure is likely to remain intact, with potential upside towards Rs 420–430 levels in the near term."

In the current session, BHEL shares were trading at Rs 411.50. Market cap of the firm stood at Rs 1.43 lakh crore. Total 0.26 lakh shares of the firm changed hands amounting to a turnover of Rs 1.08 crore.