Anil Singhvi recommends Oil India share, reveals top trigger that will boost this counter
Zee Business Managing Editor Anil Singhvi has recommended buying into Oil India. The stock looks to be moving in the wake of ONGC. Since ONGC has already moved higher, it seems Oil India will follow, says Singhvi. The rise in the crude price is also one of the reasons why the stock price is set to move up.
Zee Business Managing Editor Anil Singhvi has recommended buying into Oil India. The stock looks to be moving in the wake of ONGC. Since ONGC has already moved higher, it seems Oil India will follow, says Singhvi. The rise in the crude price is also one of the reasons why the stock price is set to move up. Oil India and Engineers India consortium are to acquire 61.65% stake in Numaligarh Refinery. The acquisition is expected to improve the synergy in Oil India’s portfolio. Oil India Share price today is Rs 126.35, up Rs 2.05 or 1.65%.
Oil India is getting Numaligarh Refinery because of BPCL divestment. Getting this refinery is a big positive trigger for Oil India. Anil Singhvi said the stock should be bought with stop loss of Rs 123 with target of Rs 129, Rs 132 and Rs 134.
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Sharekhan highlights that bearish momentum continued on the Nifty from last week. In the previous week, it had formed a bearish outside bar and an Engulfing bear candle so on February 22, it saw follow-through action on the downside. On the way down, the index had breached the key level of 15000, which resulted in increased selling pressure. Thus the Nifty has broken its 20 DMA today and is approaching the 40-DEMA, which are crucial short-term moving averages. The overall structure shows further potential for a downside. The short-term target on the downside continues to be pegged at 14400. On the other hand, any minor-degree bounce is likely to face resistance near 14800-14900.
— Zee Business (@ZeeBusiness) February 23, 2021
On the daily chart, the Nifty is between the 20- day moving average (DMA) and the 40-DEMA, of 14772 and 14497, respectively. The momentum indicator is bearish on the daily chart. On the hourly chart, the Nifty is below the 20- hour moving average (HMA) and the 40-HEMA, i.e. 14978 and 15033, respectively. The hourly momentum indicator is bearish. Market breadth was negative with 561 advances and 1388 declines on the National Stock Exchange.
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