Bharat Dynamics share price soars 7

Bharat Dynamics share price soars 7.6% on Rs 2,971 cr deal with Defence Ministry; should you buy, sell, hold?

Bharat Dynamics share price soared 7.6 per cent to Rs 844 on BSE on Wednesday, after the company received a contract worth Rs 2,971 crore from the Ministry of Defence. The state-owned defence company has signed a contract worth Rs 2,971 crore with the Ministry of Defence for supply of ASTRA MK-I Beyond Visual Range (BVR) Air to Air Missile and associated equipment to Indian Air Force & Indian Navy. Bharat Dynamics stock price has gained 15.5 per cent in five days, and more than doubled in six months. On a year-to-date basis, the stock has rallied 113 per cent, while it has jumped 126 per cent in one year.

Bharat Dynamics has shown a strong breakout from a Symmetrical Triangle formation. Such formations are neutral but often act as a continuation pattern, said an analyst. “Bharat Dynamics has shown a strong breakout from such formation with a breakaway gap. In all probability, if the present levels are sustained, the stock may inch higher towards its previous high point of 904. Investors can enter at present levels with a medium term investment horizon,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told FinancialExpress.com.

Pavitraa Shetty, Co-founder & Trainer, Tips2Trades, told FinancialExpress.com, that technically, Bharat Dynamics stock looks bullish and a move up to 868-900 could be possible in the coming sessions. “784 remains an immediate and strong support,” Shetty said.