HINDPETRO : Booking Profits
Closed the position @300.15 for a profit of about 22.06% of the invested capital, on 09/11/2023.
The major reason for selling the stock is technical. Technically the stock is in a level where there is a high chance for selling pressure to kick in. So decided to take some chips off the table since there is also one more oil related stock in holding (BPCL). But I'm totally aware of the fact that there is a potential for a 9% move to the top of the parallel channel. But as of now the downside risk is more than the potential upward move.
Will considering re-entering if price falls back to the lower trendline.
The major reason for selling the stock is technical. Technically the stock is in a level where there is a high chance for selling pressure to kick in. So decided to take some chips off the table since there is also one more oil related stock in holding (BPCL). But I'm totally aware of the fact that there is a potential for a 9% move to the top of the parallel channel. But as of now the downside risk is more than the potential upward move.
Will considering re-entering if price falls back to the lower trendline.
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