Weekly Equity Picks: BPCL, Bank of India
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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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