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Hold Bongaigaon Refineries, says Bhambwani
Technical Analyst, Vijay Bhambwani is of the view that one can hold Bongaigaon Refineries at this level and wait for a crossover or a breakout above Rs 68 levels. If breakout qualitatively occurs with very heavy volumes and increase commitments from the bulls that would signal a breakout of a short-term congestion.
Bhambwani told CNBC-TV18, "After making a triple bottom at Rs 45, Bongaigaon Refineries is showing some signs of life although I would not venture out to recommend a buy at the current levels. But I would suggest holding existing long positions and wait for a crossover or a breakout above Rs 68 levels. If breakout qualitatively occurs with very heavy volumes and increase commitments from the bulls that would signal a breakout of a short-term congestion. But I do not expect this stock to actually runaway and generate profits either mediocre or even significant, so you are basically waiting to get out at higher levels and I would suggest a hold at this point in time."
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