The stock witnessed a breakout from a 1-month consolidation range seen on the weekly charts where Rs 4,800 acted as a stiff resistance, while on the downside Rs 3,900 acted as a support for the stock. It recorded a breakout from the said range last week when it closed at Rs 4836. It has been forming higher highs and higher lows for the past 4 weeks.
The 2-3-wheeler stock hit a 52-week high of Rs 3,528 on 23 November. It rose from Rs 3,177, which translates into an upside of over 11% in a week. The momentum also helped the stock break out from a consolidation pattern since March 2021 in which Rs 3,200-3,300 acted as a stiff resistance on the daily charts.
The stock hit a record high above Rs 4000 levels on 1 September 2021, but failed to hold on to the momentum. It witnessed a breakdown in February 2022 from the 50-week Moving Average and crucial support. Since then, the stock has been moving in a 700-point range where Rs 2650-2700 acted as a resistance on the upside and Rs 2000 on the downside.
BEL stock hit a record high of Rs 147 on 11 September but failed to hold on to the momentum. It bottomed out on 26 October, making a low of Rs 127. The stock witnessed a quick turnaround after hitting a low in October. It has rallied more than 4% in a month and over 12% in the last 3 months.
Short-term traders can look to buy the stock for a possible target above Rs 1600 levels in 2 months, suggested experts. The lender hit a record high of Rs 1536 on 15 November. It has been consolidating in a narrow range since July 2023. The upside remained capped below Rs 1500 levels on the weekly charts while on the downside support was seen around Rs 1400 levels.