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⭐️ Ultra Equity Advice #110 | Sell | Expected Profit 4-5% | Arijit Banerjee

OUR RECOMMENDATION

  Sell    BHARAT PETROLEUM CORPORATION  

CP#467.75
IdeaSELL
Sell Range474 – 464
Target452 – 447
StopLoss*478
Duration10 – 12 Trading Days
Potential Returns^4 – 5%
CP#IdeaSell RangeTargetStopLoss*DurationPotential Returns^
467.75SELL474 – 464452 – 44747810 – 12 Trading Days4 – 5%

# CP – closing price on Jan 27, 2020
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 460.
^ Potential returns are calculated based on the median of sell range.

COMPANY OVERVIEW

Bharat Petroleum Corporation Limited refines crude oil and sells petroleum products in India. It operates fuel station that sells petrol, diesel, LPG and CNG. Besides, the company also offers gases, naptha, disel, kerosene, furnace oil, bitumen, sulphur and industrial lubricants. The oil refiner’s revenue drops 15.77 per cent to Rs 64,289 crore on a quarterly basis.

Stock Data
NSE CodeBPCL
Sectoral IndexNifty 500
52W High549
52W Low308.35
Face Value10
Relative Performance_Bharat Petroleum vs Nifty 500

TECHNICAL OBSERVATIONS (WEEKLY)

  • Last three months earlier, the stock had made a false upside breakout, when price temporarily moves above the resistance level, but later retrace back to the same side as it started.
  • We are also witnessing the formation of ‘Lower Highs Lower Lows’ on a weekly scale, which is a negative sign as per ‘Dow Theory’.
BPCL Technical Analysis - Weekly Chart
BPCL Technical Analysis - Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • Bharat Petroleum share price has extended its southward journey, which indicates weakness over the last few weeks.
  • Technical indicators are currently giving negative signals as the stock trades below the important moving averages.
  • Presently, the stock price has placed near the resistance and based on the past evidence, we are expecting the price to fall off from here.
BPCL Technical Analysis - Daily Chart
BPCL Technical Analysis - Daily Chart

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MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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