BHEL Share Price Today: Jumps 14%, Soars 19% in Two Days on NSE – More Gains Ahead?

Stock Market Today: Shares of Bharat Heavy Electricals Ltd (BHEL) have been climbing for the past two sessions. On Thursday, BHEL’s share price hit an intraday high of ₹292.35 on the NSE, marking a 19% increase over two days.

Why is BHEL Stock Rising?

Stock market experts say BHEL shares are moving up sharply due to rumors about new project orders in Uttar Pradesh. This speculation has led to increased buying interest in the PSU stock. The stock has rebounded from the ‘oversold zone,’ a technical term indicating that the stock’s price had fallen too much and was due for a rebound. Experts predict it could reach ₹315 to ₹320 in the short term.

Key Reasons for the Rally

Avinash Gorakshkar, Head of Research at Profitmart Securities, explained, “BHEL shares are rising because of buzz about the company getting new orders in Uttar Pradesh. Reportedly, BHEL has received two 800 MW project orders in UP, which has spurred buying interest.” However, Gorakshkar cautioned that this news is speculative since the company has not officially announced anything yet, and there could be risks that might affect BHEL’s stock performance.

BHEL Share Price Target

Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, expects more upside for BHEL shares. He stated, “BHEL shares bounced back from the oversold zone and may reach ₹315 to ₹320 in this rally. Shareholders should hold the stock with a stop loss at ₹265. Long-term investors should consider a buy-on-dips strategy with a stop loss at ₹240 per share.”

Advice for New Investors

For new investors, Ganesh Dongre suggests buying BHEL shares at current levels with a stop loss at ₹240. He advises maintaining a buy-on-dips approach as long as the stock stays above ₹240. New investors should strictly adhere to the stop loss of ₹240 per share.