Bharat Dynamics shares recover 32% from recent lows. What’s ahead for the stock?
Bharat Dynamics Ltd (BDL) have recovered by 32% after they made a low of Rs 917 earlier in November 2024, falling from its peak of Rs 1,794.70 made in July 2024.
After resuming a northward journey, the stock broke above its downward trendline and started making higher highs and higher lows, taking support on an upward-moving trendline.
The support for the stock can be identified near the Rs 1,090 level while on the upside, an immediate resistance is placed at Rs 1,300 level.
“The stock has recently witnessed a significant pullback from the low made near the Rs 920 zone to improve the bias and with a higher low formation made taking support near Rs 1,090 levels. It has again indicated an upward movement to move past the important 200 period moving average (MA) at Rs 1,230 level, with the overall trend getting better,” said Shiju Koothupalakkal, Technical Analyst at PL Capital — Prabhudas Lilladher.
The RSI is placed near the 52 mark and with near support positioned near the Rs 1,260-1,280 zone, analysts maintain an overall positive bias on the stock.
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