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Shares of Bharat Electronics Limited (BEL), a state-owned defense equipment manufacturer, have witnessed a remarkable 152% surge in the last 12 months. This impressive growth has been further bolstered by a 66% rise in the stock's value in 2024.
Technical analyst Manas Jaiswal believes that the uptrend in BEL shares is poised to continue, with the potential to reach levels of ₹400 in the future. This positive outlook is supported by the stock's consistent formation of higher tops and higher bottoms on the charts, indicating a bullish trend.
To capitalize on this anticipated growth, Jaiswal recommends remaining invested in BEL shares, while maintaining a stop loss of ₹265. He identifies ₹320 and ₹325 as crucial levels for the stock, with a sustained breakout above these levels expected to trigger the next leg of the upmove.
BEL's strong performance has also been attributed to its robust order inflows for the financial year 2024, which have exceeded the company's guidance. This positive development provides a hedge against any potential slowdown in order inflows in the financial year 2025.
In addition to Jaiswal's bullish outlook, brokerage firm Motilal Oswal has also expressed optimism about BEL's prospects. In a recent note, the firm highlighted the company's strong order book and its ability to withstand industry headwinds.
As of the time of writing, BEL shares are trading 2% higher at ₹306.7, reflecting the market's confidence in the company's growth trajectory.
Source: BEL shares a 'buy' after 152% rally in 12 months? An analyst expects it to touch ₹400