Weekly Picks 9th January 2023

BPCL LTP 345

Counter	BPCL LTP 345
Call	BUY
Target 1	360
Target 2	380
Stop Loss	320
Time Horizon	2-3 weeks
Notes	BUY-ON-DIP Towards 340 & 332

BPCL is a Maharatna public sector undertaking, and a Fortune 500 oil refining, exploration and marketing conglomerate. Bharat Petroleum is among the leading oil and gas companies in India. The first drive-through fuel station in India was built in 1928. From then, our pan country network of Fuel Station has crossed 16,000 mark, with approximately 1 Crore vehicles fuelling up every day

Previous Close	342.3	TTM EPS	0.0
52 Week High	406.9	TTM PE	—
52 Week Low	288.1	P/B	1.44
Sector PE	22.85	Mkt Cap (Rs. Cr.)	74,774

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

As per positional structure BPCL Holds “Range to Positive” outlook above 320 levels in spot.
Technically, the counter can be looked for buying on dips towards 340 & 332 levels maintaining stop below 320 on weekly closing basis.
On higher-end as per price study the next mid-term hurdles cum targets can be 380 & major 400 levels.
Positional set-up/ structure & oscillators are indicating up-move in days to come.

Open Interest Study

(Source: Fisdom research)

As per Open Interest for Jan-23 initially the counter has Cluster Resistance at around 350 levels.
Once that levels are being held on closing basis for couple of sessions than the counter can witness fresh buying interest for higher 400 odd levels gradually in weeks to come.

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BHEL LTP 81.75

Counter	BHEL LTP 81.75
Call	BUY
Target 1	90
Target 2	98
Stop Loss	70
Time Horizon	1+ Month
Notes	BUY-ON-DIP towards 80 & 75

BHEL is one of the largest engineering and manufacturing companies of its kind in India engaged in design, engineering, construction, testing, commissioning and servicing of a wide range of products and services with over 180 product offerings to meet the ever-growing needs of the core sectors of economy.

Previous Close	81.95	TTM EPS	2.19
52 Week High	91.55	TTM PE	37.33
52 Week Low	41.40	P/B	1.08
Sector PE	25.13	Mkt Cap (Rs. Cr.)	28,465

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

BHEL formed a major base at around 20 levels way back in May-2020.
The counter thereafter its first impulsive up-move towards 80 followed by re-tracement cum dip towards 40.
Dip towards 40 was technically a fresh buying opportunity for higher next 140 odd levels in next 6 to 12 months
The counter currently trading at around 80 odd levels can once again be looked as fresh trading long opportunities for higher mid-term first 120 levels as target cum hurdle.
On the lower-end the counter has major support at around 60 levels trading above which the counter can be looked for “Accumulation” on dips.
The counter can witness some consolidation because the oscillators are indicating slightly “Over-Bought” zone on positional time-frame. Yet, the bias remains “Range to Up” for mentioned higher levels in weeks to come.

Open Interest Study

(Source: Fisdom research)

BHEL OI indicating immediate hurdles at around 85 & next 90 levels.
The support cum “Tug-Of-War” levels at around 80
Dips towards support levels of 75/70 if any can be looked for proportionate adding up long positions as per risk-appetite.

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