Midcap stocks are finding favour and are witnessing good operator activity. One of the few scrips which becomes erratic (and hence operator favorite) at times is Essar Oil.
The stock is currently consolidating near its long term moving average and one should expect a sudden 'burst' in the price and volumes in the near future.
Consider a close above Rs 149 as the initial entry point and add on break beyond Rs 162/-. Target should be at least 25% above initial entry. Major support exists at 130/- which may be used as stop. ...
As for NIFTY , the break out of 5200 has still not created fireworks (which it should have done). We still keep our fingers crossed!
Happy trading !
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.
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