Last week, BPCL has given breakout and closing above its all time high of 540 which was made in August 17. Now the stock is ready to up wards in a blue sky territory. This is one of the most dividend giving PSU. Company has been maintaining a healthy dividend payout of 57% (better than any bank FD's), hence its a worth of a trade.
Since it has hit its all time high and it gained 18% in last week, there is a higher probability of the stock taking resistance. I would recommend to accumulate this stock on each dip. If we get 2 consecutive weekly closing above this price, buy aggressively. If by luck you get this stock around 490 buy aggressively.
CMP - 558 (4/2/24)
T - 720, 1000
SL - 480 W
Since it has hit its all time high and it gained 18% in last week, there is a higher probability of the stock taking resistance. I would recommend to accumulate this stock on each dip. If we get 2 consecutive weekly closing above this price, buy aggressively. If by luck you get this stock around 490 buy aggressively.
CMP - 558 (4/2/24)
T - 720, 1000
SL - 480 W