IOC

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I am hold­ing IOC bought at Rs 150, which was its sup­port zone, but the stock re­versed sharply. What to do now? - Sau­mi­tra Bhard­waj

EXIT IN­DIAN OIL COR­PO­RA­TION BE­LOW RS 117 LEVEL AND AVERGAE ABOVE RS 140 LEVEL

IOC is cur­rently trad­ing at Rs 132.30. Its 52-week high/low stand at Rs 221/Rs 105.65 made on Oc­to­ber 27, 2017 and Oc­to­ber 5, 2018, re­spec­tively, por­tray­ing a down­trend. The stock gave a de­scend­ing tri­an­gle pat­tern break­down on Oc­to­ber 4 at Rs 150 level and gave a sharp fall of up to 52-week low in just two trad­ing ses­sions. The stock surged up to Rs 136-137, which is near to the 61.8% re­trace­ment level of its prior down­ward move and is con­sol­i­dat­ing at those lev­els. The stock has wit­nessed vol­ume built-up and sharp bounce back of the 14-pe­riod RSI from the over­sold zone. We sug­gest a hold with a stop loss at Rs 117 level.

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