Watch for 62-63 level in Essar Oil: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com talks about today's Essar Oil.

What is the call on Essar Oil?

Essar Oil, after some bad news has managed to come back but needs to get past levels of 71 to 72 on the upside. That was also the high on Friday and close above that. If that does not happen, you might not see much activity happening in over here but a break below 62-63 could suggest some weakness on the charts.

Given the fact that we have some negative news today, 62-63 would be the level I would watch out for. If that is being broken today or maybe in the next couple of days, you might see the stock go back to levels of 54 or probably even below that.