Buy BPCL with stoploss of Rs 454: India Infoline

MUMBAI: India Infoline has advised ���high risk traders��� to buy BPCL between Rs 461-469 with stoploss of Rs 454 for a short-term period of 1-3 days.

���A detailed analysis of the volumes of BPCL reveals that maximum interest has been displayed by the traders in this stock over last three sessions since September 2008. Prior to the yesterday���s breakout, the stock had been moving in a range between Rs 328 and Rs 425 since last few weeks. It made several attempts to get past the higher end of the trading range. The daily momentum oscillators i.e. RSI and MACD are suggesting strength in the upmove. Keeping in mind the above-mentioned evidences, we suggest high risk traders to buy the stock between the levels of Rs 461-469 with a strict stop loss of Rs 454 for a short-term target of Rs 490,��� said India Infoline report.

Note: The above recommendation is a short-term trading idea for a time period of 1-3 days.