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.