Bharat Heavy Electricals Ltd (1M)
Price: ₹278 • Structure: Long-Term Bullish • Wave Count: 1–5 Projection
🔷 💡 After 12 Years of Downtrend, BHEL Has Entered a New Bull Market
BHEL has officially broken out of a massive 2008 → 2020 descending trendline, completed a retest, and is now building strong higher-highs on the monthly timeframe.
This marks a secular trend reversal, the kind that appears once in a decade.
📌 Elliott Wave Structure
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Wave 1: 2021 breakout
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Wave 2: Retest of long-term demand
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Wave 3: Rally into the 335–371 supply zone
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Wave 4: Healthy correction into rising trendline support
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Wave 5: Currently developing (targets below)
Wave 5 aligns with price structure + Fibonacci extensions + long-term momentum cycles.
📌 Key Levels
Support Zones
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₹245 – Wave 4 support (critical level)
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₹200 – Monthly structural base
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₹176 – Deep support zone
Resistance / Targets
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₹303 – Pivot level
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₹335–₹371 – Major supply block
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₹407 – Wave 5 target 1
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₹489 – Fibonacci extension
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₹564 – Long-term exhaustion zone
🔥 Why Wave 5 Looks Strong
1. RSI Momentum Reset
RSI cooled from Wave 3 overbought levels and is now showing fresh upward momentum from ~60.
2. Rising Channel Confirmation
Price is respecting a strong ascending channel → clear trend continuation.
3. PSU + Infra Cycle Strength
Sector rotation into PSU + engineering boosts the long-term outlook.
🚀 Trend Outlook
BHEL holds a clean bullish structure, backed by multi-year trend reversal.
As long as ₹245 holds, the bullish bias remains intact.
Projected Move
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Short-Term: ₹303 → ₹335
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Mid-Term: ₹335 → ₹371 → ₹407
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Long-Term: ₹489 → ₹564 (Wave 5 potential)
⭐ Technical Verdict
BHEL is in a confirmed multi-year bullish supercycle, with Elliott Wave 5 likely unfolding into 2025–26.
Breakout structures, RSI cycles, and PSU sector strength support a long-term continuation.
⚠️ DISCLAIMER
This analysis is for educational and chart-study purposes only and is not investment or trading advice.
Always do your own research (DYOR), evaluate risk, and consult a registered financial advisor before making trading or investment decisions. Markets carry risk, and past performance does not guarantee future returns.
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