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K Seshadri
BHEL is at a sensitive point. It has broken through the uptrend support line as is shown in the graph. But apart of the trendline support the scrip would also get support at the level of Rs 247 in terms of the previous pattern formation. Rs 247 has been established as a support level for quite a few sessions. What we now see is the formation of the left side of the head and shoulder formation in a micro sense. It is not however an orthodox formation.
The important thing is if Rs 247 does not provide the bounce back it could move down to Rs 233. Use the technical trading depending upon your position in the scrip. You can play it up both ways after seeing if the Rs 247 levels supports the scrip.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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