BHEL Shares: The shares of Bharat Heavy Electricals Limited (BHEL) are continuously falling. On July 9, the company's shares reached a 52-week high of Rs 335. In the subsequent six months, the company's shares have fallen by 34 percent from the 52-week high. The bearish trend of BHEL shares continues as the company's stock is trading below its 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages. 

BHEL shares are gradually improving

On one hand, while the Maharatna stock has been fluctuating for a year with a beta of 1.9, on the other hand, BHEL's stock has increased by 14 percent in the last one year. This has given the company a profit of 171.62 percent in two years. Due to the short-term weakness in the stock, BHEL's stock has fallen by up to 32 percent in the last few months. The stock is trading at Rs 221 on the BSE this trading week. Currently, the company's market cap is Rs 77,998.22 crore. The Relative Strength Index (RSI) of BHEL shares is 37.4, which indicates that it is neither in the overbought nor in the oversold zone. 

So many shares were transacted today

A total of 0.53 lakh shares of the company were traded in early trade today, with a turnover of Rs 1.18 crore. JMM Financial has given a target price of Rs 371 for the company's shares. The brokerage firm said, looking at the strong order book, promising growth scenario, improvement in margins, it can be said that the company has gained momentum. It is expected that revenue/EBITDA will grow at a CAGR of 30%/103% during fy24-fy27e. 

Shares fell the least in a month

Speaking to Business Today, Shiju Kuthupalakkal, Technical Research Analyst, PL Capital, said, "The company's stock has been witnessing a downtrend in the last one month and it has come close to the support zone of the previous low of Rs 218 and remained there on the intraday chart for 60 minutes, which is an indication that the company's stock may see a recovery in the coming times."