BEML Limited futures had strong resistance of 783 on daily charts and expected to fall till the support of 50% correction level i.e. 710 .Volumes also increased on daily charts, indicating that bears will dominate in the upcoming trading days.
Technical indicators also supporting the bearish trend KST, MACD are giving selling crossovers. The stock price has been sustaining below20 day’s EMA on the daily charts.
Traders can take short positions in BEML in the range 753-752 for the targets of 740-710 with a stop loss above 782.85.
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•The RBI is working on a set of rules that would link remuneration of banks CEOs to parameters like balance sheet size of a bank, loan delinquency, profits and governance record.
•Iran’s exports of crude oil were higher than expected in January and are at least holding steady this month, according to tanker data and industry sources, as some customers have increased purchases due to waivers from US sanctions.
At the end, Sensex was down 145.83 points at 35352.61, while Nifty was down 36.60 points at 10604.40. About 1360 shares have advanced, 1169 shares declined, and 122 shares are unchanged.
VEDL, GRASIM, BPCL, ZEEL, JSWSTEEL were the top gainers among Nifty 50 stocks while WIPRO, TCS, INDUSINDBK, ADANIPORTS, NTPC were the top losers.
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