Defence stocks HAL, BEML, MIDHANI sink below 200-DMAs; chart check here

The Nifty Defence index has shed nearly 3 per cent in November, with stocks such as BEML, MIDHANI and HAL among others falling up to 17% despite 1% gain on the Nifty 50.

The Nifty Defence index is witnessing profit-taking after two months of back-to-back gains. The Defence index has declined nearly 3 per cent thus far in the month of November 2025 as against 1 per cent rise in the Nifty 50 index.  Among individual stocks, BEML and Mishra Dhatu Nigam (MIDHANI) have taken a bigger hit, with losses up to 17 per cent and 15 per cent, respectively. Data from ACE Equity shows that Astra Microwave Products, Cyient DLM, Cochin Shipyard, Bharat Electronics (BEL) and Hindustan Aeronautics (HAL) have declined in the range of 5 - 10 per cent so far this month.  In yesterday's trading session, the Nifty Defence index shed 2 per cent amid a broad sell-off across defence stocks as sentiment took a hit following the tragic crash of Tejas Mk 1 at the Dubai Air Show. Analysts believe that the incident could act as a temporary setback, but remain positive on the long-term growth prospects. READ MORE  Given this background, here's a technical check on key defence stocks - HAL, BEL, BEML, Astra Microwave and MIDHANI. 

Hindustan Aeronautics

Current Price: ₹4,444  Downside Risk: 5.5%  Support:     4,325  Resistance: ₹4,480; ₹4,785  HAL stock is seen trading below its 200-Day Moving Average (200-DMA) after a gap of more than 7 months. The daily chart suggests that the near-term bias is likely to remain tepid below ₹4,480; while the overall trend is likely to be negative below ₹4,785. On the downside, the stock can drop to ₹4,200 levels, with interim support likely around ₹4,325. 

 

 

Bharat Electronics (BEL)

Current Price: ₹407  Upside Potential: 4.4%  Downside Risk: 9.3%  Support: ₹402; ₹400  Resistance: ₹412; ₹417  BEL is seen trading close to its trend line support at ₹402, below which stands the 100-DMA ₹400. The stock has been holding above these indicators since September 10. In case the support is violated, the stock can extend the fall to ₹369. On the positive side, in case the support holds, BEL can attempt a pullback to ₹425, with interim resistance likely around ₹412 and ₹417. 

 

 

BEML

Current Price: ₹1,848  Downside Risk: 21.5%  Support: ₹1,810  Resistance: ₹1,875; ₹1,917; ₹1,970  BEML has crashed below its 200-DMA after May 16, 2025. The short-term trend is likely to remain negative below ₹1,970; with near resistance visible around ₹1,875 and ₹1,917 levels. On the downside, the stock has near support around ₹1,810 levels; below which a dip towards ₹1,450 cannot be ruled out. 

 

 

Astra Microwave Products

Current Price: ₹953  Downside Risk: 12.4%  Support: ₹938; ₹910  Resistance: ₹975; ₹1,000  Astra Microwave stock is seen testing the 200-DMA support, which now stands at ₹938, for the first time since April 28. The medium-term chart shows presence of near support at ₹910; below which a dip towards the 100-Week Moving Average (100-WMA) at ₹835 seems likely. On the upside, the stock is likely to face resistance around ₹975 and ₹1,000-mark. 

 

 

Mishra Dhatu Nigam (MIDHANI)

Current Price: ₹331  Downside Risk: 8.2%  Support: ₹321  Resistance: ₹344; ₹353; ₹359  MIDHANI has cracked another 10 per cent in 5 trading sessions after the stock fell below its 200-DMA, shows the daily chart. The short-term trend is likely to remain tepid below ₹359, with near resistance likely around ₹344 and ₹353. On the downside, the stock has near support at ₹321; below which a test of the 200-WMA at ₹304 seems likely.