Chart of the week. BPCL
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
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