The short-term outlook is bullish for Bharat Petroleum Corporation (BPCL). The stock rose 2.85 per cent on Tuesday and closed on a strong note. This indicates that the upmove is gaining strength. Support is now in the ₹460-457 region. Intermediate dips are likely to get fresh buyers at lower levels.
As such a break and fall below the ₹460-457 region looks less likely. Moving average cross overs on the weekly chart also strengthens the bullish case. BPCL share price can rise to ₹505-510 over the next two-three weeks. Traders can go long now. Accumulate on dips at ₹465. Keep the stop-loss initially at ₹455. Trail the stop-loss up to ₹482 as soon as the stock moves up to ₹488. Move the stop-loss further up to ₹493 when the price touches ₹497. Exit the long positions at ₹500.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)