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Weekly Equity Picks: BPCL, Bank of India

Way2wealth | 20 Mar, 2017  | Follow Author | Add to my Favourites 
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Bharat Petroleum Corporation (Cash):

- After posting an all-time high of around 713 (February 10, 2017), stock has encountered decent profit booking.

- Subsequently, the fall got arrested near 615 which coincided with the rising support line along with the 78.6% retracement of its entire swing move from the bottom of around 584 to the top of 713.

- Also, the buying interest resulted into formation of bullish hammer pattern.

- On a weekly chart, we are seeing bearish divergence followed by positive reversal and last week candle resembles an inside the day candle indicates the sell-off might have exhausted.

- Hence, we advised to buy this stock at current level of 642 with a price target of 700 and stop loss of 610.

Bank of India (Cash):


- Looking at the weekly chart, stock has formed long bullish candle and confirmed the Higher Top Higher Bottom formation.

- Subsequently, we saw immediate profit booking which pared some of its gains however the selling pressure exhausted near 123 which coincided with the multiple supports.

- The weekly 9-45 on price as well as on RSI chart is still positive indicates the current trend is still up.

- Last week candle resembles inside the week indicates indecision.

- Combining the above technical evidences, we recommend traders to buy this stock above 129.50 with an upside price target of 143. Stop loss should be placed at 122.

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471.00 +0.75
469.50 -0.75
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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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