Indian Oil Corporation (₹140)
Resumes the bull trend
The stock of Indian Oil Corporation has been on the up move since the beginning of March. The support at ₹112 arrested the decline and aided in the rebound. The chart now shows that the scrip has resumed the broader uptrend after witnessing a temporary bear trend which started in September. In the near-term, the stock is expected to rally to ₹188.
Therefore, traders can consider buying the stock of Indian Oil Corporation at the current level of ₹140. Add more shares to the holdings if the price declines to ₹130. Place stop-loss at ₹115. When the stock touches ₹165, modify the stop-loss to ₹150. Raise the stop-loss higher to ₹165 when the price hits ₹180. Book profits at ₹188.
PNB Housing Finance (₹1,032)
Bulls regain strength
The downtrend that began in September last year dragged the stock of PNB Housing Finance until February when it found support at ₹750. Since then, the price has been moving northward. Although there was some softening in price last week, the bulls broadly appear steady. Going ahead, we might see the price dip to ₹980.
However, it can resume the rally soon and appreciate to ₹1,325 in the short run. Buy PNB Housing Finance at ₹1,030 and accumulate at ₹980. Place stop-loss at ₹900. When the stock moves up to ₹1,200, alter the stop-loss to ₹1,080. Tighten the stop-loss to ₹1,180 when the price hits ₹1,250. Liquidate the longs at ₹1,325.
Tata Motors (₹708.50)
Getting back to uptrend
Tata Motors’ share price has been appreciating over the past month. After opening with a considerable gap-down on April 7, the stock soon started to recover. The price action shows good momentum. So, although there is a resistance ahead at ₹720, we expect it to go beyond that level, which can put the stock back into the long-term upward trajectory.
Participants who can hold for a year or so can go long on Tata Motors at ₹708 and buy more shares if it moderates to ₹640. Keep stop-loss at ₹530. When the price rises to ₹840, revise the stop-loss to ₹775. On a rally to ₹1,000, exit half of the holdings. For the remaining position adjust the stop-loss to ₹950. Exit at ₹1,120.
Published on May 10, 2025
