BPCL

Flash News Investment - - YOUR TECHNICAL PORTFOLIO GUIDE -

I am plan­ning to add BPCL to my port­fo­lio from a medium term per­spec­tive. Kindly pro­vide tech­ni­cal in­puts for the stock.

- Ma­hesh G

AVOID BPCL FOR NOW

BPCL is cur­rently trad­ing at Rs 336.35. Its 52-week high/low stand at Rs 551.55/Rs 303.85 made on Oc­to­ber 30, 2017 and Oc­to­ber 04, 2018, re­spec­tively. The stock has been trad­ing be­low its cru­cial mov­ing av­er­age i.e. 100-DMA and 200-DMA. Tech­ni­cally, the stock has re­sis­tance placed around the level of Rs 392-393 de­fined by the down­ward slop­ing trend­line drawn ad­join­ing March 2018 and June 2018 highs. We would ad­vise to wait for the stock to give a break­out of the down­ward slop­ing trend­line to en­ter this stock. A close above the down­ward slop­ing trend­line may take it to­wards its 200-DMA, which is cur­rently placed at the level of Rs 419. The RSI on the daily time frame is not able to cross the level of 60-61

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