Indore Investment：RITES, Oil India, Bharat Petroleum： Trading strategies for these buzzing stocks
Domestic stock indices settled higher on Friday, snapping a three-day losing run. Positive global cues and buying at lower levels supported the sentiment, as the BSE Sensex jumped 496.37 points, or 0.70 per cent, to settle at 71,683.23. The NSE Nifty added 160.15 points, or 0.75 per cent, to end the day at 21,622.40.
A few stocks namely RITES Ltd, Bharat Petroleum Corporation Ltd (BPCL) and Oil India Ltd are likely to be in focus today. Here is what Rupak De, Senior Technical Analyst at LKP securities has to say on these stocks ahead of Saturday’s trading session:RITES | Buy | Target Price: Rs 580-600 | Stop Loss: Rs 530
RITES has formed a Flag pattern on the hourly chart and a breakout from the recent consolidation might lead the stock to a strong rally. The stock has been sustaining above the critical moving average. On the higher end, the stock might move towards Rs 580-600Indore Investment. A support is visible at Rs 530. One can initiate a buy on the stock in the range of Rs 548-553.Bharat Petroleum Corporation | Buy | Target Price: Rs 540 | Stop Loss: Rs 464
BPCL has given a box pattern breakout on the daily timeframe, suggesting an improved optimism. The stock has been sustaining above the critical moving average. On the higher end, the stock might move towards Rs 540. A support is visible at Rs 464. One can initiate a buy on the stock in the range of Rs 478-482New Delhi Investment. Oil India | Buy | Target Price: Rs 450-470 | Stop Loss: Rs 380
Oil India exhibited a robust uptrend, characterised by higher high-lows on the daily chartMumbai Stock Exchange. The momentum indicator RSI supports the bullish sentiment with a positive crossover. The lower-end support is identified at Rs 380, providing a cushion for potential pullbacksBangalore Investment. The anticipated upside targets for the stock are seen at Rs 450-470.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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