Technical Analysis

Trading call | Indian Oil Corporation (₹92.9): Buy

Yoganand D BL Research Bureau | Updated on July 21, 2020

Indian Oil Corporation   -  Reuters

The stock of Indian Oil Corporation (IOC) has jumped five per cent accompanied by extra-ordinary volume in today's session.

This rally has conclusively breached the key resistance at ₹90 and currently testing the vital resistance at ₹93 with a positive bias. Moreover, the stock has emphatically breached its 21- and 50-day moving averages and trades well above them now.

The daily relative strength index has entered the bullish zone from the neutral region. Further, the daily price rate of change indicator features in the positive terrain, implying buying interest. The short-term outlook is bullish for Indian Oil Corporation. It can continue to trend upwards, surpassing the current resistance at ₹93. In that case, the stock can test subsequent resistances at ₹97 and ₹100 in the coming trading sessions.

Traders can buy the stock with a stop-loss at ₹90.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

Published on July 21, 2020

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