The defence stock moved in a narrow range in February 2024, where levels below 2,000 acted as a stiff resistance while on the downside 1,500 acted as a strong support. It took support above 1,500 levels once in February 2024 and then again in March 2024, creating a double bottom pattern.
Bharat Dynamics decisively surpassed its previous record high of February 27 and ended at new closing high of Rs 2,046 with robust volumes. The stock has formed long bullish candlestick pattern on the daily timeframe.
Defence stocks: The brokerage recommended Solar Industries (Buy; target price: Rs 10,950), Astra Microwave (Buy; target price: Rs 800) and Azad Engineering (Buy; target price: Rs 1,600) as key stock picks in the defence space.
Metal stocks are the top sectoral gainers in trade while PSU stocks also posted strong gains on Wednesday.The metal stocks index is up 2.8 per cent. SAIL is up 7 per cent, NMDC is up 5 per cent, while JSW Steel is up 3.7 per cent intra-day.PSU .