Buy Oil India for target of Rs 1,445: IIFL

MUMBAI: IIFL is of the view that Oil India has formed ‘Inside Bar’ pattern and there is high probability of bounce back from the support levels. It has advised to buy the stock for target of Rs 1,445.

“Oil India is currently trading at multiple support levels which is prevailing in the range of Rs 1,390-1,400, the support has been so far held on strongly despite volatile markets.

On the weekly chart stock has formed an ‘Inside Bar’ pattern which indicates a trend reversal and there is high probability of bounce back from the support levels. RSI has also been forming a triple top pattern in oversold terrain which also provides better risk reward ratio from current levels.

We advise buying stock in the range of Rs 1,385-1,395 with stop-loss of Rs 1,370 for target of Rs 1,445,” the report said.

NOTE: Trading idea valid for time-period of 1-3 days