Dec 30 2023, 05:28
Stock Radar: Up 80% in 1 year, The rally is not over in this oil & gas stock:
The Oil India stock rose from Rs 202 on December 26, 2022 to Rs 381 recorded on December 26, 2023 which translates into an upside of 88% in a year. It has rallied more than 10% in a week, and nearly 30% in a month.
Oil India, part of the oil & gas space, has rallied over 80% in the last one year and the chart patterns suggest that the rally may not be over and long-term investors can look to accumulate the stock on dips.
Medium to long-term investors can look to buy the stock for a possible target of 450 in the next 9-12 months, suggest experts.
The oil & gas stock rose from Rs 202 on December 26, 2022, to Rs 381 recorded on December 26, 2023, which translates into an upside of 88% in a year. It has rallied more than 10% in a week, and nearly 30% in a month.
"Oil India is expected to make best use of potential upside in the energy space. It has witnessed a 13-year breakout on the weekly charts with strong volumes. The weekly volumes are highest in the past 18 months suggesting strong buying interest," Gaurav Bissa, VP, InCred Equities, said.
"The stock has also triggered a buy signal in the Ichimoku system which can push the prices towards 450-500 levels," he said.
"RSI has witnessed a swing high breakout on the weekly charts and MACD is rising consistently which suggests the trend is likely to remain strong and the momentum can pick up pace in the coming days," highlights Bissa.
source: et
Dec 31 2023, 10:07