Essar Oil trading below short-term moving averages: Devang Visaria

In a chat with ET Now, Devang Visaria, Chief Strategist, devangvisaria.com, talks about Essar Oil.

Your views on Essar Oil?

This stock is in line to test the major support of 115. This stock has been underperforming whole oil refinery space like BPCL, HPCL and even the stock like MRPL. So it is trading below its short term moving averages and has not failed to get past its 200 day moving average for the past 1 month or so. It is in slow and steady decline phase. So possibly with a stop of 131.5 we would look for downside targets of 120 at the first target and possibly 115 as a second target.