Bongaigaon Refinery

Any insights as to the target / Stop loss price for Bongaigaon Refinery for the short and long term?
Any response will be highly appreciated.

thanks
Manu

Dear Traderji:

Inspite of very good result, Bongaigaon is going down. In acticipation of good result, the scrip has gone down on 28th and 29th? Your views please..
regards

Harkara

Possible Support levels have been marked in RED circles

i m using Paul Levines method of finding supp/res.. and its very good for indian markets.

Excellent post with a detailed and clear chart showing supp/resis levels.

Keep it up!

Fundamentally speaking the policy scenario is in favour of standalone refinery stock slike Bongaingaon and Kochi refineries as refining margins are on rise while due to increasing crude oilprices and no corresponding increase in retail prices of petrol and diesel the marketing margins are taking a hit resulting in reduction of profit of companies like IOC,HPCL,BPCL etc.
The second trigger for Bon Ref is its impending merger with IOC like the recently announced merger decision betwen Kochi Refineres and BPCL.This also augurs well for BonRef in long run.
Thirdly it is a good div yeilding company.Only today Bon Ref has told BSE that they will meet on 8 Nov to decide the int div.Market expectation is of 4 Rs which results in decent yield at even the current market price.
Considering all these factors into Bon Ref appears to a safe long term bet.But the policy environment is very volatile and uncertain which may have impact on this stock each time a new policy announcement is made.

hi im3vil
Thank you for your reference. can you provide the url for Paul Levines site or any other information on the chart

Vinod

Good results.Expected EPS for current financial year is Rs 30/-.On declines due to technical correction it sholud be accumulated or L T gains.

hi:
bongaigaon posted good numbers, int div 6 rupess as against expectations of rs 4. the suggested short term target is 120. went down today. great share to acquire at this levels--harkara