Indian Oil Corporation - IOC

Daily Chart

•    IOC has bottomed out 192 and is trending up since then currently trading at 240 odd levels

•   The stock has clearly formed a higher bottom and higher top formation and has broken out above 230 and 240 which was a strong resistance from past 2 years on daily charts

•   The counter is in the 3^rd wave and also in an uptrending channel

•  For long traders, it’s strongly recommended to buy the counter at CMP (240) 50% and on dips up to 234 for targets 255 /268/280 with a stop loss below 227 on closing basis.

Raju V Angadi

Equity Research Analyst

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Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in markets