Bharat Dynamics Ltd registers a triangle breakout! Know more about its targets here

Bharat Dynamics Ltd registers a triangle breakout! Know more about its targets here

by 5paisa Research Team Last Updated: 2022-06-16T12:13:44+05:30

Shares of BDL soared over 5% during the initial hours of Thursday’s trading session. With this, it has registered a triangle breakout with above-average volumes.

In today's trade, the volume recorded has been greater than 10-day, 30-day and 50-day average volumes. Moreover, it trades above all its key moving averages and all the moving average indicate bullishness. It is about 7% above its 20-DMA and 64% above its 200-DMA, thus displaying strong performance in shorter as well as longer timeframe.

Along with its bullish price structure, the technical parameters also suggest positivity The 14-period daily RSI (60.30) is in the bullish zone. Also, it has crossed above its falling trendline, meaning that the stock is ready to soar higher. The On Balance Volume (OBV) is at its peak, indicating strong strength from the volume’s point of view. Meanwhile, the KST and TSI indicators maintain their bullish view toward this stock.

On a YTD basis, the stock has soared over 110% and has massively outperformed the broader market and its peers. Despite the weakness in the market, the stock has shown no signs of slowing down. Considering the above points, the stock is expected to test its all-time high level of Rs 905 in times to come. Moreover, if the market sees a good recovery, the stock might test the level of Rs 1000 as well in the medium term. Also, it is one of those few stocks that provide a good trading opportunity during bad market sentiments. Thus, traders can consider including this stock in their watchlist to track its further development.

Bharat Dynamics Ltd is a government entity, which works in the design and manufacturing of ammunitions, rifles, and allied defence systems. It also manufactures other missiles and systems for the Indian Armed Forces. With a market capitalisation of about Rs 15000 crore, it is one of the strong growing companies with few competitors.

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