Bharat Petroleum Corporation Ltd - Positional Trade

Date: 10-May-2024
Rating: Buy - Positional Trade
LTP: Rs. 618.65
Targets: (1) Rs. 687 --> (2) Rs. 770
SL: Rs. 580 on daily close basis

Technical View:
BPCL is in its primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 687.95 on 16-Feb-2024, it has retraced 19% to 556.40 level.
• On 29-Apr-2024, BPCL has broke out from its secondary down trend with high volume and re-tested the down trend line twice, on 30-Apr and 9-May.
BPCL has also closed above 20 DMA, 50 DMA and 21 DEMA on 10-May-2024.
• RSI is trading at 53.91 and MACD is trading at 4.01.
• Looking good to start a new swing from here.

Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.

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