BPCL Share Price Shows Positive Momentum Ahead of Q3FY24 Results; Investors Await Potential Breakout

In anticipation of Bharat Petroleum Corporation Limited’s (BPCL) Q3FY24 results announcement today, the stock market witnesses positive trading for BPCL share price. Despite market expectations of weaker numbers due to declining refining and marketing margins, the opening of BPCL share price today remained steady, garnering bullish interest during morning trades on Monday.

Although BPCL share price initially opened lower, it gained traction at lower levels and reached an intraday high of ₹480.25 on NSE, marking an intraday gain of approximately 1.25% in morning deals.

Stock market experts suggest that BPCL may report subdued Q3 results owing to a decrease in refining and marketing margins, coupled with inventory losses due to a drop in crude prices during the quarter. Additionally, factors such as geopolitical tensions, a global economic slowdown, sluggish recovery of the Chinese economy, and inflationary pressures are expected to contribute to the weak performance in this quarter.

Looking at the outlook for BPCL shares, Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, emphasizes that BPCL share price has immediate trendline support at ₹460, with crucial support at ₹430. Dongre points out the potential for a fresh breakout at ₹506 per share, contingent on a positive surprise in BPCL’s Q3 results. He advises existing shareholders with a high risk appetite to hold the stock with a stop loss at ₹460.

For new investors, Dongre recommends patience, suggesting that they wait to buy BPCL shares only after a confirmed breakout at ₹506 on a closing basis. In other words, he advises new investors to enter the market above ₹506, targeting a short-term goal of ₹550, while maintaining a stop loss at ₹460.