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Oil India share price has risen very well over the last couple of weeks. On Friday, the stock surged 5 per cent and has closed the week on a strong note.
That keeps the broader uptrend intact and keeps the door open for more rise. Support is in the ₹610-₹600 region. Also, the 8-day and the 21-day moving averages at ₹600 and ₹587 have been limiting the downside very well since mid-June this year.
Oil India share price can rise to ₹700-₹705 in the coming weeks.
Traders can go long now at around ₹644. Accumulate on dips at ₹620. Keep the stop-loss at ₹595. Trail the stop-loss up to ₹655 as soon as the stock moves up to ₹670.
Move the stop-loss further up to ₹675 when the price touches ₹685. Exit the long positions at ₹700.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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