CHEN­NAI PETRO

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I have bought Chen­nai Petro at Rs 466 level. The stock went down, but it is not ly­ing at the same level. What should I do?

- Vipul khan­del­wal

HOLD CHEN­NAI PETROLEUM WITH A STOP LOSS OF RS 451

Chen­nai Petro is cur­rently trad­ing at Rs 463. Its 52-week high/low stand at Rs 477.10/230.80 made on Oc­to­ber 31, 2017 and Novem­ber 15, 2016, re­spec­tively. Con­sid­er­ing the daily time frame, the stock had al­most hit Rs 466 level on Septem­ber 4 & 12, 2017. The stock re­versed from there and fell up to Rs 381 level, which is the up­ward slop­ing trend­line sup­port level. The stock has now grad­u­ally re­cov­ered and has bro­ken out of the Rs 466 re­sis­tance level. Hence, we sug­gest you to hold the stock with a stop loss of Rs 451, which is 61.8% level of the re­cent up­ward rally.

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