Buy Near: Rs 255
Target: Rs 278
Stop Loss: Rs 243
We are witnessing a major range breakout in most of the oil marketing companies. With regards to Hind Petro, the stock has confirmed breakout above Rs 255 mark from the bullish cup and handle pattern. The price action is supported with increasing volumes.
Thus, we advise traders to go long in the stock near Rs 255 with a stop loss of Rs 243.
Buy Aboev: Rs 90
Target: Rs 86
Stop Loss: Rs 97
Similar to other metal stocks, even SAIL is on the verge of a fresh breakout. This breakout would get confirmed above Rs 90 and might result in strong upside momentum.
Along with price; we are also about to witness a breakout in weekly RSI. Thus, we advise traders to go long in the stock above 90 with a stop loss of Rs 86.
(Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).