BHEL has resistance at Rs 1550: Gujral

Technical Analyst, Ashwani Gujral is of the view that Bharat Heavy Electricals, BHEL has resistance at Rs 1550.

Gujral told CNBC-TV18, "Clearly these are all pullback rallies. The capital goods sector has lost its fizz. All these sectors that were over owned - capital goods, real estate are all inflation hit. For BHEL, Rs 1,340 seems to have emerged as some kind of a support. Again at higher levels Rs 1,550 becomes a resistance."

He further added, "Probably even the strongest stocks are breaking down supports. We had Rs 2,600 acting as a strong support on Larsen. That finally broke down. Now you have Rs 2,120 acting as some sort of support, again a couple of day’s worth of rally. Probably a sideways kind of pullback for the next week or 10 days and we should resume our decline."