BPCL wait and watch

Oil scrips on a broader picture should be bullish, but BPCL still experiencing a down trend and tagged in a triangular pattern. Lookout for a direction once it comes out of triangular pattern.

It is under 200DMA, and below PSAR. It is following a downtrend.


Buy DLF above 246.9, target 266.3 and Stoploss 227.5

DLF broken a uptrend two weeks ago and had a steep fall. Price also corrected. We are bullish until it won’t cross below 200DMA. Thou the support line may act as a resistance going forward, but it may enter a bull phase once it crosses 247. The formation of hammer and correction it took in last few sessions, indicates, that it is preparing for a bull run.
Over the past few days, it has been observed that DLF has created a strong resistance at 246.9. If the price moves beyond this mark, there is a likelihood of further increase in the price. dlf