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Investors with a long-term perspective can buy the shares of Oil India (₹223.40) at current levels. The stock has seen a consistent rise in the last quarter of 2022.
This upmove has continued well in the first two weeks of the New Year also. The stock has surged over 17 per cent in the first two weeks of this month. The moving average crossover on the monthly chart strengthens the bullish case. It indicates that the downside could be limited. Immediate support is in the ₹205-₹200 region. Below that, ₹189-₹186 is the next strong support.
Oil India can rally to ₹260-₹270 over the next two-three quarters. A decisive break above ₹270 will boost the bullish momentum. Such a break will open doors for the stock of Oil India to target ₹345-₹350 over the next couple of years.
Also read: F&O Query: Should you hold or exit Canara Bank put options?
Investors can buy now. Accumulate on dips at ₹208 and ₹195 if a pullback is seen. Keep a stop-loss at ₹155. Trail the stop-loss up to ₹245 when the stock touches ₹260. Move the stop-loss further up to ₹290 when Oil India touches ₹320 on the upside. Exit the stock at ₹340.
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