BHEL

Daily Chart: Bullish Reversal with Breakout Targeting ₹252.90 and Beyond

The daily chart of

shows a strong bullish reversal emerging from a prolonged downtrend, marked by a breakout above the critical resistance zone near ₹220. This level, previously a support-turned-resistance, has now been reclaimed, confirming buying interest and a potential trend shift. The stock has formed a series of higher highs and higher lows, indicating the start of an uptrend. Currently trading at ₹230.53, it is targeting the next resistance at ₹252.90, implying a 9.61% potential upside. The price action resembles a rounding base or cup-like formation, a bullish continuation signal. If the stock sustains above ₹220, it can rally further toward ₹270–₹280, where past highs reside. A volume-backed move above ₹253 would reinforce breakout confirmation. However, any close below ₹220 would weaken sentiment and may trap recent buyers. The overall structure favors bulls, provided it maintains above key support. This setup offers a favorable risk-reward for swing traders.