Sell BPCL Future below Rs 625: IIFL
According to IIFL, traders can sell BPCL November Futures below Rs 625 with stop loss of Rs 635 for target of Rs 600, in its November 1, 2011 research report.
“BPCL has broken down below the critical support of its 200-DMA which was placed at levels of Rs633, which suggest that the likelihood of upside over the short-term has diminished. For now, the risk/return of establishing long positions is less than ideal. BPCL in last one month has on five occasions bounced back from the above mentioned support levels and in yesterday’s session it closed below it. Moreover, appearance of falling tops signifies the bull’s inability to form higher highs. Based on above mentioned technical evidences, we recommend traders to short BPCL November Futures below Rs 625 with stop loss of Rs 635 for target of Rs 600. (Duration 5 days),” says IIFL research report.
