Stocks that were in focus included names like GR Infraprojects, which rose 0.33%, BPCL, which fell 1.49%, and Hindustan Petroleum, whose shares declined 2.54% on Wednesday.
Here’s what Riches Vanara, Technical And Derivatives Analyst at StoxBox, recommends investors should do with these stocks when the ma
The stock is trading in a symmetrical broadening wedge pattern on daily charts and seen reversing from lower end of the said pattern.
The 14 period RSI is trading well above the 50 zone which confirms the momentum is intact. We recommend buying for targets of 1335 and 1380 with stops below 1240.
BPCL – Buy
The stock is trading in an ascending channel pattern and at current juncture price is at the lower end of the said pattern and we can expect a good bounce from hereon.
The 14 period RSI is also seen reversing from its 50 zone, which confirms the price reversal. We feel stock is ready to scale higher for targets of 365 and 380 with stops below 340.Hindustan Petroleum – Sell
The stock is trading with negative price action on daily charts and facing resistance at short term DEMA 10 & 20 on every intermediate bounce.
The momentum indicators MACD and 14 period RSI are also trading in the bear zone complimenting the price action. We reckon to sell the stock for targets of 250 and 244 with stop above 268.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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