BEML, Dredging Corporation, Bharat Electronics (BEL) and Engineers India Share Price Jumps; PSU Stocks Witness Recovery
BEML, Dredging Corporation, Bharat Electronics (BEL) and Engineers India Share Price witnessed recovery on Thursday. During the week, many public sector enterprises have witnessed recovery in stock price. Overall market sentiment also improved during the week and we can expect markets to trade in a narrow range for the upcoming week. If there is a recovery in the global markets, we can also see higher levels for NSE Nifty and BSE Sensex. Traders' favorites like IREDA, NTPC Green Energy, NHPC and Rail Vikas Nigam ended the week almost flat. TopNews Team has reviewed technical levels for stocks for traders and short term investors.
Stock Summaries and Fibonacci Levels Analysis
Stock Summaries
BEML: BEML has seen volatility, currently consolidating near Rs 2,530. A breakout above Rs 2,641 could push it towards higher levels, while support lies at Rs 2,470. Technical indicators suggest cautious optimism.
Bharat Electronics (BEL): BEL is trading around Rs 283, nearing its recent high of Rs 285.80. Support at Rs 279.42 should be watched, and a move beyond Rs 285 could indicate bullish momentum.
Dredging Corporation: Dredging Corporation is hovering near Rs 530, with potential resistance at Rs 557. The stock needs a strong breakout to regain momentum, with Rs 530 acting as critical support.
Engineers India: Engineers India is currently trading at Rs 160, testing resistance at Rs 163.45. A breakout above Rs 163.45 could trigger further gains, while Rs 156.15 serves as strong support.
Fibonacci Levels for Each Stock
Here is the Fibonacci retracement table for the given stocks:
| Stock | 0% (High) | 23.6% | 38.2% | 50% | 61.8% | 78.6% | 100% (Low) |
|---|---|---|---|---|---|---|---|
| BEML | Rs 5488.00 | Rs 4747.43 | Rs 4289.28 | Rs 3919.00 | Rs 3548.72 | Rs 3021.53 | Rs 2350.00 |
| Bharat Electronics (BEL) | Rs 340.50 | Rs 302.41 | Rs 278.85 | Rs 259.80 | Rs 240.75 | Rs 213.64 | Rs 179.10 |
| Dredging Corporation | Rs 1457.95 | Rs 1230.85 | Rs 1090.35 | Rs 976.80 | Rs 863.25 | Rs 701.58 | Rs 495.65 |
| Engineers India | Rs 303.90 | Rs 265.74 | Rs 242.13 | Rs 223.05 | Rs 203.97 | Rs 176.80 | Rs 142.20 |
The Fibonacci retracement levels are useful in identifying potential support and resistance points. Investors should monitor breakouts above key resistance levels for bullish momentum and breakdowns below support levels for potential downside risks.
