Leading power and utilities sector stocks, including Suzlon Energy, Bharat Heavy Electricals Ltd (BHEL), and Waaree Energies, are expected to draw significant attention from traders in the upcoming session. Muthuselvaraj M, a Research Analyst at Mirae Asset Sharekhan, has provided detailed technical analysis and trading recommendations for these companies.
Waaree Energies: Positive Outlook with Buying Opportunity
Waaree Energies Ltd has established a strong base, forming a 'lower top, lower bottom' pattern on the daily timeframe. The overall outlook for the stock is positive, with crucial support identified between Rs 2,560 and Rs 2,530. A decisive move above its 20-day Exponential Moving Average (EMA) at Rs 2,680 could initiate a rally, potentially pushing the stock towards target prices of Rs 2,860–2,930.
With momentum indicators showing a positive crossover from the oversold zone, Mirae Asset Sharekhan recommends fresh buying for Waaree Energies in the Rs 2,680–2,715 range, advising a stop-loss at Rs 2,560. The analyst anticipates a sideways to positive bias for the stock.
Suzlon Energy: Awaiting Trend Reversal
Following a 24 percent correction, Suzlon Energy has found a robust base. Despite exhibiting a 'lower top, lower bottom' pattern, the stock demonstrates resilience around Rs 45, with strong support firmly established at Rs 39. A breakout above the resistance level of Rs 49 could trigger an upward movement, targeting Rs 55–60 in the short to medium term.
With its momentum indicators currently in the oversold zone, analysts at Mirae Asset Sharekhan anticipate an imminent trend reversal and subsequent upward price movement for Suzlon Energy. Traders are advised to wait for a clear trend reversal before making new moves, with resistance levels at Rs 49-55 and support at Rs 39.
BHEL: Consolidating Phase Continues
Bharat Heavy Electricals Ltd (BHEL) has been in a consolidation phase since reaching its peak of Rs 446. The stock is expected to continue trading within this consolidation range, specifically between Rs 446 and Rs 395. Market sentiment regarding BHEL remains neutral, with a clear direction likely to emerge only after a definitive breakout above Rs 445 or a breakdown below the Rs 395 support level.
Investors currently holding positions in BHEL are advised to maintain them while closely monitoring short-term support levels. Fresh buying is recommended only after the stock achieves a breakout above the existing consolidation zone. The analyst suggests waiting for a clear trend to establish itself in the near term, with resistance at Rs 445 and support at Rs 395.