Stock market today: BPCL share price trades positive ahead of Q3 results today. Buy or wait?

  • BPCL Q3 results today: The board of directors of the PSU company is going to consider and approve the un-audited Q3 results 2024

Asit Manohar
First Published29 Jan 2024, 11:06 AM IST
BPCL share price may go up to  <span class='webrupee'>₹</span>550 apiece levels if it manages to give a fresh breakout at  <span class='webrupee'>₹</span>506 on a closing basis, say experts.
BPCL share price may go up to ₹550 apiece levels if it manages to give a fresh breakout at ₹506 on a closing basis, say experts.(Photo: Mint)

Stock market today: Bharat Petroleum Corporation Limited (BPCL) is going to declare its Q3 results today. Therefore, BPCL share price is expected to remain under the radar of stock market observers and investors. Despite weak set of numbers expected by the market, BPCL share price today opened flat but soon gathered bulls' attention during morning deals on Monday.

BPCL share price today opened lower but witnessed buying interest at the lower levels and went on to touch an intraday high of 480.25 apiece on NSE, loggin an intraday gain of around 1.25 per cent during morning deals.

Also Read: GAIL share price in focus ahead of Q3 result; should you buy the stock for short term?

According to stock market experts, BPCL may report weak numbers in Q3 results today due to decline in refining and marketing margins. However, they said that in case of any poositive surprise in BPCL Q3 results 2024, the stock may go up to 550 apiece levels. They advised BPCL shareholders to hold the stock with stop loss at 460 while asked fresh investors to wait for the BPCL results.

BPCL Q3 results 2024 preview

On the expected BPCL results for Q3FY24, Shreyansh V Shah, Research Analyst at StoxBox said, "The state-run oil marketing company BPCL is expected to come out with a weak set of numbers in Q3FY24. This can be primarily attributed to a decline in refining and marketing margins, accompanied by inventory loss due to a drop in crude prices during the quarter. Furthermore, geopolitical tensions, global slowdown with the sluggish recovery of the Chinese economy, and inflationary pressures will be a few reasons for the weak results in this quarter."

Also Read: Vodafone Idea share price jumps ahead of Q3 results today. Buy or sell?

BPCL share price target

On the outlook for BPCL shares, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, "BPCL share price has immediate trendlyne support placed at 460 while it has crucial support placed at 430. The PSU stock is on the cusp of giving fresh breakout at 506 apiece level, which can be expected if the state-owned oil major comes out with some positive surprise in its Q3 results today. So, BPCL shareholders with high risk appetite are advised to hold the scrip with stop loss at 460.

On the suggestions to fresh investors, Ganesh Dongre said, "Fresh investors are advised to wait. They should buy BPCL shares only after the fresh breakout at 506 on a closing basis. In other words, fresh investors should buy BPCL shares above 506 for the short-term target of 550 maintaining stop loss at the 460 level."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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News in Numbers

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$5 M

394,000

$112 B

12.1%

₹133.50 Cr

₹12,300 Cr

$136 M

First Published:29 Jan 2024, 11:06 AM IST
HomeMarketsStock MarketsStock market today: BPCL share price trades positive ahead of Q3 results today. Buy or wait?

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