Bharat Electronics was up 18% today. The reason:
DIPP has notified increase in foreign direct investment (FDI) limit to 49 percent through approval route in the defence sector.
I covered Bharat Electronics on July 18 2014 in a post titled - "Bharat Electronics: A Trading Opportunity" here with a note
Bharat Electronics has taken a double dip support at 50 dma. One can make an assumption that stock will rally back to PD High of 2252 if it does not break down below 1700. The closing stop loss should be placed below 1700
Here's how Bharat Electronics stock appears on daily chart
The big move today appears like a fresh start and it looks like this time stock will break past previous high and move to much higher levels. The stop loss remains below 1700 for any investment position.
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers