Buy BPCL between 660 and 675; target 760.0 :: HDFC Securities

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Observation:
BPCL has broken out today of its recent narrow trading range between the 625 and 667 levels. The stock was
trading within this range for the last three weeks. Today’s breakout was accompanied with higher than average
volumes, indicating that there was significant accumulation.
Technical indicators are giving positive signals as the stock trades above the short term (13 day SMA) and long
term (200-day EMA) moving averages.
Momentum indicators like the 14-day RSI too are in rising mode and not yet overbought. The 14-day RSI is also
above its 9-day EMA, which is a healthy signal for the stock. Given the positive technical set up, we believe the
stock has the potential to move higher in the coming days.
Our upside target of Rs.760 is just below the previous intermediate high of 761.5 touched on 01st Dec 2014. Our
entry levels along with the stop loss and targets are given above.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010602