Over the last five months BHEL has rallied from 100 levels to 180 levels. This 80% rally came after deep sell off over the last 2 years. As of now (Jan 3, 11.00) BHEL is trading at 165 which is already went down by 15 rupees from recent high.
For last three days, the stock has formed lower high and lower low in the chart. All momentum indicators are showing weakness in the charts.
In top of all these, the derivative segment is giving clear signal that the stock is in bearish trend. The Jan future is trading at 2.5% discount, the March series is trading at 4.5% discount. It is clear evidence that the stock will not sustain higher levels.