BPCL - Bharat Petroleum

BPCL's price action has been in the range of 360 to 410 for the past 4 months and it has made the level of 400 as strong support. The stock is expected to show an up move to the levels of 470+ in coming weeks subject to the fact that it breaks the supply zone of 428-434 which has been acting a strong resistance for the stock.

Buy - CMP or ~411 (if it experiences any correction which is a least likely event)
T1 (Immediate) - 430+
T2 - 470+
SL - 411

Triggers -
Improved earnings reported in Q3 on YoY and QoQ basis.
Increased sales of automobile sector will lead to more and more demand for fuel.
Transportation services are expected to be normalised soon post COVID thereby increasing the sales.

NOTE : These findings and levels are purely based upon the knowledge and understanding of the post publisher. The idea here is to predict the future price movements hence, please do not consider this as stock advice or recommendation.
Trade active: T1 has been achieved and the stock has made a high of 438.10. The stock is currently working in the Supply Zone. Breakout from the Supply Zone may lead to an up move to the levels of 470+.
Trade closed: target reached: T2 of 470+ has been achieved. The stock has given an upside of ~13% from the levels of 421 in ~17 trading sessions. One can book profits here or can keep it for the long term perspective as the sector in which the organization operates is rumoured to be privatised and if it happens then a further upside potential in the stock cannot be ruled out.


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