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The short-term outlook is bullish for Bharat Petroleum Corporation (BPCL). Short-term traders can go long in this stock. BPCL share price has been rising consistently over the last week. The recent rise has taken the stock well above the ₹360-365 resistance zone. This region now act as a good resistance-turned-support and will limit the downside. A fall beyond ₹360 looks unlikely now.
Moving average cross overs on the chart strengthens the bullish case. BPCL share price can rise to ₹390-395 over the next two to three weeks. Traders can go long now. Accumulate on dips at ₹367. Keep the stop-loss at ₹358. Trail the stop-loss up to ₹378 as soon as the stock moves up to ₹382. Move the stop-loss further up to ₹385 when the price touches ₹388. Exit the long positions at ₹393.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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