Angel One Recommends BEML, BSE Buys Amid Cautious Nifty50
Angel One recommends BEML, BSE buys amid Nifty50 outlook.
Key Highlights
Angel One’s Osho Krishan identifies BEML and BSE as short-term ‘Buy’ opportunities as Nifty50 navigates a tentative market, declining 0.31% to 24,175.
Angel One analyst Osho Krishan has identified BEML and as compelling short-term ‘Buy’ recommendations for investors. This guidance comes amidst a subdued performance in the Indian equity markets, reflecting a cautious sentiment.
The Nifty50 index recently declined 0.31%, settling near the 24,175 zone, indicating investor tentativeness. Technical analysis shows the benchmark index oscillating between critical support and resistance levels.
Nifty50 Key Levels
- Nifty50 Decline: 0.31%
- Settlement Zone: Near 24,175
- Structural Support: 24,050 (Golden Retracement)
- Resistance: 24,370 (200-DEMA)
- Breakdown Target: 23,890-23,820 (below 24,050-24,000)
- Breakout Target: 24,500 (above 24,350-24,370)
The broader bias for the Nifty50 remains sideways to positive, provided the 24,050 golden retracement level holds. Market participants are advised to maintain a cautious approach, closely monitoring these key technical levels.
BEML: Secular Uptrend Signals Buy
For BEML, Angel One recommends a ‘Buy’ on account of its consistent secular uptrend. The stock is currently hovering above its 20-day EMA following a recent retracement phase, maintaining a cycle of higher highs and higher lows.
- BEML Buy Range: ₹1,980-₹1,970
- Stop Loss: ₹1,875
- Target: ₹2,150-₹2,200
The SuperTrend and all major indicators are strongly aligned with BEML’s primary trend, suggesting sustained bullish momentum and a potential for continued upward movement.
BSE: Reversal Potential After Correction
BSE also receives a ‘Buy’ recommendation, following a significant correction over the past few trading months. This retracement led the stock to its golden retracement of 61.80% of its rally, coinciding with the 200 DSMA.
- BSE Buy Range: ₹3,400-₹3,360
- Stop Loss: ₹3,140
- Target: ₹3,700-₹3,900
In recent sessions, BSE has tested a sloping trendline, indicating a potential breakout and a trend reversal. Furthermore, the Relative Strength Index (RSI) has shown a positive crossover from the oversold territory, reinforcing these reversal signals.
Investors should refrain from aggressive bets and instead focus on selective opportunities within the broader market. Thematic and sector-specific movers are anticipated to offer relatively better performance, with global developments acting as key catalysts for momentum and trend clarity.