BEL, BEML, Garden Reach, MMTC, IREDA Share Price Declines as Overall Market Sentiment Remains Bearish
BEL, BEML, Garden Reach, MMTC, IREDA shares were among high volume PSU stocks facing decline due to selling pressure. Indian markets opened lower with many stocks touching multiple-month lows during the early session. While broader markets recovered from lows and even entered the green zone during the session, majority of public sector companies closed the trading session lower. IREDA witnessed intraday low at Rs 164, Bharat Electronics recovered from low at Rs 254 and HMT closed the session 3 percent lower. MMTC touched 52-week low during today's session. TopNews team has reviewed technical charts for some of the PSU counters.
Stock Insights:
Bharat Electronics
Bharat Electronics has demonstrated steady growth but faces resistance at Rs 265.75.
Investors should watch for a breakout above this level for further bullish momentum.
Support is seen near Rs 254.00, making it an important level to monitor.
IREDA
IREDA has been consolidating and needs to sustain above Rs 175.90 to confirm an uptrend.
The support level at Rs 164.85 is crucial for downside protection.
If the stock holds above these levels, bullish sentiment may strengthen.
Garden Reach Shipbuilders
The stock remains strong but is likely to see retracement around Rs 1440.90.
A dip towards Rs 1362.05 may provide buying opportunities for investors.
Upside momentum could continue if it clears resistance at Rs 1440.90.
Fibonacci Levels
| Stock | Price Details | Fibonacci Levels (Rs) | ||||||
|---|---|---|---|---|---|---|---|---|
| High | Low | 0% (Resistance) | 23.6% | 38.2% | 50.0% | 61.8% | 100% (Support) | |
| Bharat Electronics | 265.75 | 254.00 | 265.75 | 262.91 | 260.67 | 259.00 | 257.33 | 254.00 |
| IREDA | 175.90 | 164.85 | 175.90 | 173.46 | 171.81 | 170.38 | 168.95 | 164.85 |
| Garden Reach Shipbuilders | 1440.90 | 1362.05 | 1440.90 | 1421.23 | 1407.82 | 1398.48 | 1389.14 | 1362.05 |
| BEML | 2963.10 | 2784.00 | 2963.10 | 2919.31 | 2890.94 | 2873.55 | 2856.16 | 2784.00 |
| MMTC | 63.48 | 59.55 | 63.48 | 62.61 | 61.92 | 61.52 | 61.12 | 59.55 |
BEML
BEML has key price action with a resistance at Rs 2963.10.
A breakout above this level can indicate further upside potential.
Investors should monitor the support at Rs 2784.00 for signs of reversal.
MMTC
MMTC is trading close to its support at Rs 59.55, making it a key level to watch.
A move above Rs 63.48 could signal a short-term rally.
Investors should remain cautious as volatility persists in this stock.
