In the previous session, the market once again opened on a negative note. Post that the Nifty index gradually recovered all its loss. The index got stronger as the day progressed and closed with a net gain of 86.80 points. A bullish window occurred on the daily chart. Due to near month expiry, we recommend approaching the markets in a stock specific way.
Look at the below research report of ‘Stocks to Buy for – Wednesday, November 24, 2021’ before the market opens.
NSE :BEL BSE :500049 Sector : Electronics
On the daily chart, we can see that BEL stock prices have formed a ‘Mega Phone Pattern’ and are currently placed near the support of the pattern. The formation consists of minimum two higher highs and two lower lows. Also, Prices have been giving a break above the Ichimoku cloud which is a strong indication of a positive trend. As per candle technique, A bullish Engulfing pattern appeared on the daily chart. All these technical parameters indicate that price can move upside towards Megaphone pattern resistance level.
In short, the trend for BEL looks to be positive. A throwback can be expected near 205-207 levels. Use dips as a buying opportunity for a move towards 218/228 levels as long as 199 levels hold on the downside.
Check More Analysis on BEL at: Bharat Electronics Ltd