Should this bounce at Rs 193, you still will have time to get in as the scrip is unlikely to move up in a hurry. That is because of fundamental reasons. While a sizeable portion of the profit came from tax write back, real growth is wanting.

With around 60 per cent revenue coming from power projects and with Bhel having lost out to competetion in a few important bids last year, one would have to tone down one's expectations. The fact that the industrial recovery is not getting underway would continue to dent the sales picture on industrial products. Put these together, and the technical, it makes sense not to hurry here.