Book profits in BHEL, Raymond and L&T shares, suggests Anand Rathi

Indian benchmark indices kicked off the week on a muted note on the back of profit booking after a strong rise in the last week. Traders are now shifting their attention towards Q1 earnings, economic data and India-US trade deal. BSE Sensex tanked 452.44 points, or 0.54 per cent, to settle at 83,606.46, while NSE’s Nifty50 dropped 120.75 points, or 0.47 per cent to close at 25,517.05 for the day.

Select buzzing stocks including Bharat Heavy Electricals Ltd (BHEL), Raymond Ltd and Larsen & Toubro Ltd (L&T) are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say about these stocks ahead of Monday’s trading session:

Bharat Heavy Electricals | Book Profits

BHEL appears stretched after delivering an impressive 54 per cent rally over the past 3 months. The stock is now approaching a strong resistance zone at Rs 270–275, where the monthly Camarilla Pivot R3 also aligns—signalling potential supply pressure. We recommend booking profits at current levels and avoiding fresh longs, as the risk-reward is no longer favourable at this juncture.
 

Raymond | Book Profit

Raymond has witnessed a robust 73 per cent up move over the past 3 months, but the stock now seems to be entering a critical resistance zone of Rs 710–720, which also aligns with the monthly Camarilla Pivot R3—a level where upside often faces selling pressure. We suggest locking in gains at current levels and refraining from long new positions, as the risk-to-reward ratio no longer favours fresh entries.
 

Larsen & Toubro | Book Profit

Following a strong 26 per cent rally over the last 2 months, L&T is now nearing a crucial resistance range of Rs 3,700–3,750, which coincides with the monthly Camarilla Pivot R3—a level often associated with supply emergence and potential reversal. With the risk-reward no longer favourable, it’s wise to book profits at current levels and hold off on initiating fresh longs until a clearer setup emerges.