Buy BPCL; target of Rs 693: IIFL

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Buy BPCL; target of Rs 693: IIFL

IIFL is bullish on Bharat Petroleum Corporation (BPCL) and has recommended buy rating on the stock with a target of Rs 693 in its September 20, 2011 research report.

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IIFL is bullish on Bharat Petroleum Corporation (BPCL) and has recommended buy rating on the stock with a target of Rs 693 in its September 20, 2011 research report.

"On the daily chart Bharat Petroleum Corporation (BPCL) has signaled breakout from falling wedge pattern however with formation of hammer pattern on the daily candlestick chart a opening is necessary above Rs667 to confirm its bullish implication. International crude prices too are showing signs of a weakness and that is likely to benefits oil marketing companies in the near term. The daily RSI is about to signal a positive crossover which would get confirmed on an opening above Rs 667. We recommend buying BPCL above Rs 667 with stop loss of Rs 654 for target of Rs 693," says IIFL research report.

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