Traders can accumulate the stock in the range of Rs 157-160 for the target of Rs 176 with a stop loss below Rs 153, says Achin Goel of Bonanza Portfolio.
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Achin Goel
On the daily chart, a Bullish Harami pattern has formed in Castrol India which suggests growing optimism in the stock. In addition, on the daily chart, price found initial support at a swing low on the daily chart.
The momentum indicator, RSI (14) has shown a positive crossover on the daily chart which suggests momentum to turn positive in the near to short-term.
Traders can accumulate the stock in the range of Rs 157-160 for the target of Rs 176 with a stop loss below Rs 153.
Disclaimer: The author is Head of Wealth Management and Financial Planning, Bonanza Portfolio Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.First Published on Jul 19, 2018 11:31 am