Book profits for BPCL, HPCL, IOC: Sandeep Wagle

Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, aptartindia.com in a chat with ET Now talks about Bhushan Steel and OMCs.

On the charts, Bhushan Steel if you will and also the oil marketing companies, they were abuzz in yesterday’s trade after two days of a downtick but do they look good for more?

Bhushan Steel, yes. I would want Bhushan Steel to cross 1350 in NSE cash. Once above that, it can touch 1430-1440, it has got a very high momentum. A talk of BPCL, HPCL, IOC, I had recommended booking profits rather than selling because these stocks cannot be traded because they have had a sharp run-up but I would say they are more news related and I will definitely not buy at this level. If somebody has bought in at lower levels, some at least part profits can be booked because they move more on news and rumours, so I would avoid getting into it at this point of time.