BPCL may test Rs 355-360: Abhijit Paul

Abhijit Paul of Alphative Advisors told CNBC-TV18, "It is definitely not a short covering bounce in Bharat Petroleum Corporation (BPCL) because of the fact that the short covering bounce came when the stock managed to bounce back from Rs 250, one way up towards that Rs 345-350 mark in the futures market. What we are seeing right now with the day's move is a continuation of that move earlier, which we saw."

"Now these stocks and its peers are not the best of investment stocks, these are very good trading stocks in the market. In terms of levels I sense that Rs 355-360 is there on the cards for BPCL. But as one starts to make money in this space, I recommend one should take profits out," he said. Disclosure: Personally I don't hold the stock that we have mentioned in the show but our clients may have positions in these stocks.