BPL is moving up after a long period of consolidation at the base line. It has been moving in a band of Rs 312 to Rs Rs 341 for over 16 sessions. In this long horizontal travel, it has generated two incidences of Morning Star. Morning Stars, a candlestick pattern are indicative of the scrips forthcoming up move.In this case, as the signal has been generated at the base line which has been stabilising, the sign would lend credence to the possibility of the scrip making a sustained upmove.
The profit-booking bout of the day, which afflicted all scrips had an impact on BPL as well. Nevertheless the it has just returned to Monday's starting blocks. Volumes have shot up over the last three sessions both at NSE and BSE.
A sustained upmove could take the scrip towards the Rs 420 and later Rs 460 mark. While it is a good bet for short term traders, it is an excellent opportunity for medium term investors.
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