BPCL Share Price Holds Steady Ahead of Q3 Results

BPCL Share Price Holds Steady Ahead of Q3 Results

VoM News Desk | January 29, 2024 | 11:25 AM IST | Breaking News | Follow on Google News

BPCL Share Price Holds Steady Ahead of Q3 Results

BPCL Share Price Holds Steady Ahead of Q3 Results

Bharat Petroleum Corporation Limited (BPCL) is set to announce its Q3 results today, with market observers closely monitoring the stock. Despite expectations of a weak performance, BPCL’s share price opened flat today but later gained momentum during morning trading.

BPCL’s share price initially opened lower but saw buying interest at lower levels, reaching an intraday high of ₹480.25 on NSE, reflecting an intraday gain of around 1.25% during morning deals.

BPCL Q3 Results Preview

Analysts anticipate a challenging Q3 for BPCL, citing a potential decline in refining and marketing margins. The quarter may also witness inventory loss due to a drop in crude prices. Geopolitical tensions, a global economic slowdown, and inflationary pressures are further factors contributing to the expected weak results.

BPCL Share Price Target and Recommendations

Ganesh Dongre, Senior Manager at Anand Rathi, suggests that BPCL’s share price has immediate support at ₹460, with crucial support at ₹430. The stock is on the verge of a potential breakout at ₹506, contingent on positive surprises in Q3 results. Dongre advises existing shareholders with a high-risk appetite to hold, setting a stop loss at ₹460.

For fresh investors, Dongre recommends waiting and only considering buying BPCL shares after a confirmed breakout above ₹506, targeting ₹550 for the short term, with a stop loss at ₹460.

VoM News Desk

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