BEL (Bharat Electronics Ltd) opened strong, closed near the day’s high with a gain of 3.85%, forming a bullish candle on the daily chart.
The stock market is trading above all major EMAs, reflecting strong bullish momentum. RSI stands at 80.45, firmly in the overbought zone, hinting at stretched conditions.
From the April 7th bottom, BEL has surged over 44% in just 39 sessions, indicating a robust uptrend, but also raising the probability of a near-term pause or pullback. Despite overbought conditions, the broader structure remains bullish.
A “buy on dips” approach is advisable, with key support seen near ₹320–₹330 levels.
