Top Trending Stock: Signs of boom are visible in the stock of this petroleum company, bets can be made to earn profits – chennai petroleum corporation limited’s shares are showing a boom

Mumbai: The stock market is seeing a boom on the last day of the trading week i.e. Friday. Shares of Chennai Petroleum Corporation Ltd jumped over 4 per cent in the opening hour amid strong buying by investors. Chennai Petroleum Corporation Limited (NSE Code – CHENNPETRO) Refinery-stock attracted investors following better-than-expected report for Q3FY23. The company’s revenue stood at Rs 19214 crore in December 2021 from Rs 9939 crore, a growth of 93.32%.

Technically, the stock is appearing above its 11-day pattern. This is a strong signal for a medium term uptrend. With this, it is currently trading above the 20-DMA, 50-DMA and 100-DMA. The 14-day RSI (65.06) is in the bullish zone and indicates strong strength in the stock. The 14-period ADX (30.08) also shows a strong uptrend. Relative strength is above zero and indicates strong outperformance of the stock relative to the broad market.

The medium-term resistance lies near the 200-DMA level of Rs 255, above which the stock can trade towards Rs 270 and Rs 280 levels. Meanwhile, Rs 222 level will act as a strong support. Investors can add this stock to their portfolio for the upcoming trading sessions.

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