BHEL share price jumps 14%, rises 19% in two days. More steam left?

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Stock market today: Shares of Bharat Heavy Electricals Ltd (BHEL) have been in an uptrend for the last two straight sessions. BHEL share price extended its rally on Thursday and touched an intraday high of ₹292.35 per share on NSE, recording around a 19 percent rise in two days.According to stock market experts, BHEL shares are witnessing sharp upside movement today as there is a market buzz about project orders in Uttar Pradesh.

This has sparked buying interest in the PSU stock. They said that the stock has bounced back from what is known as the 'oversold zone ', a technical term indicating a stock's price has fallen too far and is likely to rebound.

They predict it may touch ₹315 to ₹320 in the short term.Also Read: Why is Adani Power share price skyrocketing today? — explainedAsked about the reason for rise in BHEL share price, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "BHEL shares are rising on the market buzz about the company receiving fresh orders in Uttar Pradesh. As per the news, the company has received two 800 MW project orders in UP, which has triggered buying interest in BHEL shares." However, Gorakshkar cautioned that the news is completely speculative as the company has yet to make any official announcement in this regard, and there could be potential risks or challenges that could affect BHEL stock's performance.Also Read: PSU Bank index jumps 4.4% on BJP-led NDA govt confirmation; IOB, CBI top gainersExpecting more upside in BHEL shares, Ganesh Dongre, Senior Manager—Technical Research at Anand Rathi, said, “The BHEL share price bounced back from the oversold zone, and the stock may touch ₹315 to ₹320 in the current rally.