Kunal Bothra of LKP told CNBC-TV18, "Out of the oil and gas space, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are forming some sort of a bullish pattern. The stock has been trading below the 200-day moving average (DMA) for the last one to one and a half months."
"Yesterday we saw very good signs with Nifty showing that support and showing those signs of breaking the resistance. This was one of the stocks, which probably led this momentum as well. So except for the day today, flattish kind of a day, my sense is that the momentum should pick up probably from tomorrow or day after and I believe that a target of very close to Rs 244-245 could be achieved from a very short-term trading perspective," he added.
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