Below Rs 189, BHEL likely to hit Rs 170: Jai Bala

According to Jai Bala of cashthechaos.com, BHEL is likely to decline to about Rs 170 if it falls below Rs 189.

Bala told CNBC-TV18, "One can see the underperformance of BHEL, when other stocks have been performing so well this stock is doing quite poorly."

He further added, "Looking at it from a structural point, if one looks at it from October 2012 highs to the April decline, it is a very clear five down three up, this is a classic bearish setup. But here too, things can change around; so one should better wait for the stock to fall below Rs 189 and then go short."

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"One can place a stoploss of about Rs 197 and the stock is likely to decline to about Rs 170 if it falls below Rs 189," Bala added.

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