Markets

Buy Oil India, target Rs 382: Vikas Jain

Vikas Jain of Reliance Securities has a buy call on Oil India with a target price of Rs 382.

The current market price of Oil India is Rs 358.65.

Time period given by the analyst is one month when Oil India price can reach defined target.

Vikas Jain recommended to keep a stop loss at Rs 343.

In a report, the analyst said, "The stock reversed after forming triple bottom around Rs 345 and settled above its daily moving averages, indicating probable turnaround. Reversal in RSI from its bull market support zone (40-33) and rise in Stochastic after a positive cross-over is signaling strength in the stock. MACD has also given positive cross-over, which is quite positive for the stock."

Oil India, incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 27,135.55 Crore) operating in Petroleum sector.

The company's top management includes Dr.P Chandrasekaran, Mr.Amar Nath, Mr.Biswajit Roy, Mr.Diwakar Nath Misra, Mr.P K Sharma, Mr.Priyank Sharma, Mr.S Manoharan, Mr.Sunjay Sudhir, Mr.Utpal Bora, Mrs.Asha Kaul, Mrs.R S Borah, Ms.Amina R Khan.

Company has N C Baneijee & Co as its auditors.

As on 30-09-2017, the company has a total of 756,602,607 shares outstanding.

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