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MARKET WATCH: BEML (Rs 583.30): Sell.
from BUSINESS LINE, October 07, 2008 We recommend a sell in BEML from a short-term trading perspective. It is clearly visible from the charts of BEML that it has been on a downtrend from its December 2007 high of Rs 1,849. Since then the stock has been forming lower bottoms and lower peaks.
However, during July the stock found support at Rs 600 and made a corrective up move to Rs 845 levels. After encountering resistance around Rs 845 in early September, the stock resumed its downtrend. On October 6, the stock tumbled 10 per cent with above-average volumes, breaking through the key support level of Rs 600. BEML is trading well below its 21- and 50-day moving averages. …
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