A detailed analysis of the volumes of BPCL reveals that maximum interest has been displayed by the traders in this stock over last three sessions since September 2008.
Prior to the yesterday’s breakout, the stock had been moving in a range between Rs328 and Rs425 since last few weeks.
It made several attempts to get past the higher end of the trading range. The daily momentum oscillators i.e. RSI and MACD are suggesting strength in the upmove.
Keeping in mind the above-mentioned evidences, we suggest high risk traders to BUY the stock between the levels of Rs461-469 with a strict stop loss of Rs454 for a short-term target of Rs490.