BHEL shares rise for 11 straight sessions; time to book profit or more gains ahead?

Shares of Bharat Heavy Electricals Ltd (BHEL) are in a bull run despite high volatility in the broader market. The PSU stock has closed higher for 11 straight sessions in a row. It surged to a fresh 52-week high of Rs 336.80 in the previous session.

The RSI of the multibagger stock stands at 78.9, signalling the stock is trading in the overbought zone. 

The stock hit its record high of Rs 390.69 in November 2007 (17 years ago).

In the previous session, BHEL shares closed on a flat note at Rs  333.55. Market cap of the firm stood at Rs 1.16 lakh crore. Total 10.47 lakh shares of the firm changed hands amounting to a turnover of Rs 34.94 crore. 

The stock looks strong in term of price action as it trades higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day simple moving averages. The multibagger stock has risen 343.43% in three years and gained 646% in five years. 

BHEL share price targets

Aakash Shah, Technical Analyst at Choice Broking said, "Bharat Heavy Electricals Limited is showing renewed strength after breaking out of a consolidation phase. The earlier resistance zone around 300 has now turned into a support area, providing a cushion on dips. Momentum remains strong, with RSI trending higher but not yet in the extreme territory. On the downside, support is seen near Rs 315, followed by Rs 300. If the stock holds above Rs 315, it may extend its move toward the Rs 350–370 zone in the near term."

Jigar Patel from Anand Rathi said, "Support is placed at Rs 318 , while resistance stands at Rs 334 . A decisive breakout above Rs 334 could open the door for further upside towards Rs 340. In the short term, the stock is expected to trade within the Rs 315 –Rs 340 range."   Patel advises booking profit in the stock. 

Virat Jagad Sr. Technical Research Analyst at Bonanza said, "The price action shows strong momentum, but with RSI near 75–78, the stock is entering short-term overbought territory—so chasing at current levels may not offer the best risk-reward. Ideally, dips towards Rs 305–310 can be used as buying opportunities. On the upside, the stock has potential to move towards Rs 350–370 in the near term. Immediate support stands at Rs 300, while a strict stop-loss can be placed near Rs 290. Overall, the structure has turned bullish, but better entries lie on pullbacks rather than breakouts."