The stock Oil India has been on a steady decline since September last year. It began to depreciate after finding a resistance at ₹750. However, in December, the stock found support at ₹420. It has seen a rebound off this level. The price is now above the 20-day moving average and last week, it broke out of a falling trendline resistance.
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Thus, the short-term outlook appears positive where it can rise to ₹530. Therefore, participants looking for short-term opportunities can buy the stock of Oil India at ₹465 and place a stop-loss at ₹435. When the stock rises to ₹500, revise the stop-loss to ₹475. Tighten the stop-loss further to ₹495 when the price hits ₹515. Book profits at ₹530.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
