BHEL looks weak-Avoid

BHEL Cmp Rs.2253- Stock has closed lowest level in 51weeks and trades near 52week low of 2188 and stock breaking Rs.2100 next support comes near Rs.1900 & below levels. This PSU stock could be best avoided @ this point of time.Stock has taken a beating for the last 7 weeks and 100EMA @ Rs 2217 is only slight hope for the it.

PSU stocks are correcting as Government policy of deep discount for FPO on issue like POWERGRID and news of HINDCOPPER FPO price @ Rs.200 has send wrong signal, now investors feel SHIPPINGCORP, STATEBANK, ONGC, IOC would also have deep discount which would give adequate correction in these stock

http://economictimes.indiatimes.com/news/economy/policy/Early-to-work-govt-aims-to-spread-out-sell-offs-in-FY12/articleshow/6944871.cms  The companies that are expected to hit the market include heavyweights BHEL, Container Corporation of India , MMTC , Power Finance Corp, Neyveli Lignite Corporation , Bharat Electronics , and Nalco.