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Home » Chart Idea – Bharat Petroleum Corporation Limited (BPCL)
Chart Ideas

Chart Idea – Bharat Petroleum Corporation Limited (BPCL)

BPCL Stop Loss Triggered

Weekly Chart Idea – BPCL


We, Hope you all have minted a good amount of money in our last week’s Chart Idea update of HUL. HUL profit booked Rs 65,000++ per single lot. Click here to see what we had given in our last week’s chart idea update.

Now let’s focus on our this week ‘Chart Idea Pick – BPCL’

After analyzing the stock data we came to know that:

The stock is in downtrend from the last couple of weeks and not take part in the market momentum also not showing any significant recovery from the current level.
The data of this stock is getting more bearish from the last two trading sessions.

Rollover percentage is also increasing from the last trading sessions along with an increase in cumulative OI which indicates bearishness in this stock will continue as marked in the given image.

BPCL Open Interest Summary



As per data, volatility in the stock is also going lower and increasing in COI along with a decrease in price which indicates bearish momentum in this stock.

Closing VS Open Interest Chart
Closing VS Open Interest Chart


Another check i.e. on 08th May 2020 delivery in this stock i.e. of Rs. 97.91 Cr which is less than the 5 days average delivery i.e. of Rs. 112.75 Cr which means traders are expecting more downside in this stock.

BPCL Dilevery Data
BPCL Delivery Volume Data


BPCL Option Chain Analysis

Let’s discuss on Option Chain, the highest OI built up seen in 330CE (1,58,400), 340CE (i.e. 2,16,000) and 320PE (i.e. 2,28,600) and OI built up seen in 27oPE (i.e. 23,400) which is suggesting that big players are buying 320PE and selling 270PE, 330CE and 340CE. This indicates that big players betting on the sell-side in this stock as marked in the given image.

Option Chain Analysis
BPCL Option Chain Analysis


Short Built-up is increasing in the current month as well as in the next month and put-call ratio continuously decreasing, which suggests that big players are betting on the downside of this stock as shown in the chart:

Price Movement
Price Movement Chart


Let’s analyze this with technical chart


BPCL Technical chart
Technical chart of BPCL


After a sharp upside rally, the stock turns into a negative zone. The price action and volume also indicate bearish momentum will continue in the stock.

RSI (Relative Strength Index) and MACD (Moving average conversion and diversion) also indicate bearish momentum in the stock.

The stock has support at 312, if it breaks and closes below the support level of 312 then we will see more downside panic in this stock till 270 level in the coming days.


Trade Recommendation

Traders can sell BPCL futures below 312 levels with the stop-loss above 330 level for the downside target of 270 levels in the next 8—10 trading sessions.

Update on BPCL

The stock gave a good breakdown on the chart but due to namoura rating stock took reversal from the lower level and our Stop Loss got triggered.

Now, what to expect??

Support is at around 330 levels, if it breaks and closes below 330 levels will see major downside movement in this stock till 305 levels in the coming days.

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