Stock name: BPCL

Pattern: Trendline breakout

Time frame: Daily

Observation:

The stock has been in a downtrend for a long time and has been respecting a downward sloping trendline and has very recently broken out of the same with the support of heavy volumes. However, there is a small resistance in the area of 350 and once the said gets taken out decisively, we can see some good upside momentum in the stock.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Nazara Tech and Delta Corp - India tax official says consensus within group of ministers on taxing online gaming unlikely - Rtrs.

2) BCL Industries stock rallied today after the company bagged an order for a supply of Ethanol to major oil marketing companies like Reliance Industries and others. The supply order totalled to approximately Rs. 661 crores.

3) Shares of Can Fin Homes (Rs 1.50 per share), Aptus Value Housing Finance India (Rs 2 per share) and Hinduja Global Solutions (Rs 5 per share) will trade ex-dividend this week.