Bharat Electronics (BEL) stock has recently dipped approximately 5% from its peak of ₹464 to ₹440, amidst broader market corrections. Despite this decline, analysts at Bajaj Broking remain optimistic, forecasting a target price of ₹495, which represents a potential upside of 12.5%. The stock has shown a 10% increase in April and is trading close to its all-time high of ₹473, achieved in March 2026. Bajaj Broking's analysis highlights several technical reasons for this bullish outlook, including the stock's structural uptrend characterized by consistent higher highs and lows across various time frames. Additionally, the stock is on the verge of a breakout above a bullish flag formation, suggesting a resumption of upward momentum. Key momentum indicators, particularly the daily Moving Average Convergence-Divergence (MACD), are also trending positively. The report notes that immediate support levels are between ₹420 and ₹430, which coincide with significant moving averages and Fibonacci retracement levels.