BHEL - Technical Update

Looks like this stock was in a hurry to move somewhere down ! The stock as predicted yesterday had some weakness and preferred the downside rather than the upside. Jokes apart, some of the key features in today's movement

• The volumes as indicated in the Accumulation Distribution chart showed some strength for the downside and today was no exception to it. CNBC did not have any strong reason for this fall and I too am not able fathom such immediate downside. The sheer volume in today's transaction was too hot to handle for this stock
• As mentioned yesterday, this stock had some support at Rs. 2250 and the stock hit 2260 before closing at Rs. 2291. Not a bad support level!
  
• MACD is still on the 'sell' side, though RSI has close to reached levels of 30, a decent level to buy this stock

What to expect of this stock now?
The stock has now convincingly broken the 200 day average, 100 day average and almost all the averages. Triggers for a buy would be somewhere at Rs. 2340-2370. I would like the upper one as this downside trigger should be sustained with a higher strength in the upside rally. Downside for this stock would be at Rs. 2115. If it breaks this tomorrow or in the coming few days, then one can look at Rs. 2020 as the next support point.