Steel Authority of India Ltd (SAIL) is currently trading at ₹110.85. The stock has been in a downtrend since May last year, but this is seen as a correction within the broader uptrend that started in April 2020. A key support level is around ₹100-98, which has held up well so far. A breakout above ₹120 could signal the end of the correction phase and pave the way for a rally towards ₹180-200 over the next year. It is also possible that the stock may consolidate between ₹100 and ₹120 before making a move towards ₹180. Investors are advised to buy SAIL now and accumulate at ₹104, with a stop-loss at ₹84. As the stock moves up to ₹145, trail the stop-loss to ₹120 and further up to ₹150 when the price hits ₹165. Exit the stock at ₹180.
Equitas Small Finance Bank is currently priced at ₹59.25. The stock has been in a downtrend since January last year, and there is potential for further downside. The next major support level is at ₹50, which could be tested in the near future. If the stock bounces from ₹50, it could target ₹65. A breakout above ₹65 could indicate a trend reversal with targets at ₹100 and above over the long term. Investors with a long-term horizon can consider buying the stock at ₹53 with a stop-loss at ₹42. Trail the stop-loss to ₹58 as the price reaches ₹66, and further up to ₹70 at ₹80. Exit at ₹95.
Websol Energy System is currently trading at ₹920.35. It is important to always have a stop-loss in place when entering the market. The stock had a sharp rally before you entered at ₹1,594. The ideal exit point would have been when the price dropped below ₹1,250. There is support near ₹800, and while a strong rally towards ₹1,500 is unlikely, there are two options to consider. Either exit the stock immediately or set a stop-loss at ₹770 and exit on a rise at ₹1,160. If the price does not rally, adhere to the stop-loss and exit the stock.
Bharat Electronics Ltd (BEL) is priced at ₹277. The stock had a significant rally from around ₹20 in 2020 to a high of ₹340 in July last year. Since then, it has been in a correction phase within the broader uptrend. A flag formation on the chart indicates the potential for a resumption of the uptrend. Key support is at ₹230, and a break below this level could turn the outlook bearish with targets at ₹180 or ₹160. A breakout above ₹310 is needed to confirm the uptrend and target ₹400 and higher levels. Stay out of the stock for now and consider entering only after a breakout above ₹310, with a stop-loss at ₹280 and an exit at ₹400.
