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You are here : IndiaNotes >> Research & Analysis >> Companies >> Bharat Petroleum Corporation Ltd. >> Research

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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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 IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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