Buy Reliance Petroleum

Buy Reliance PetroleumAs per views of Karvy Stock Broking Limited, traders can purchase Reliance Petroleum (RPL) stock around Rs 92 in order to achieve a target of Rs 98 in 1-2 days.

The stop loss for the suggested counter is Rs 88. The stock pricing becomes more attractive, and reach above the said level, if the stock markets remain positive.

On Tuesday (Jan 06), the company’s shares closed at Rs 91.05, down 1.62%, on BSE. The total volume of the shares traded was 9681390. The stock has also seen 52-week high of Rs 259.80 and low of Rs 68.55 on BSE.

The outlook for the stock is really very strong, and it is expected to move up on the back of huge volumes.

Reliance Petroleum Limited (RPL), on December 25, made announcement about the commissioning of its refinery in a Special Economic Zone (SEZ) at Jamnagar, Gujarat in India, starting its crude processing.

The secondary processing divisions are now under synchronization and commissioning. The whole refinery complex is likely to accomplish full capacity soon.

The refinery, next to RIL existing refinery and petrochemicals complex, has been finished in 36 months from concept to commissioning, and has been constructed with a major capital cost competitive advantage.

The commissioning of the RPL refinery catapults Reliance into the group of the biggest refiners internationally, both in terms of complex refining ability and earnings prospective.

With the completion of the RPL refinery, Jamnagar has come out as the `Refining Hub of the World` with the biggest refining complex with a total refining capacity of 1.24 million barrels of oil per day in any single location in the world.

With a crude oil processing capacity of 580,000 barrels of oil daily, RPL ranks as the 6th major refinery in the world and is also amongst the world’s most complex refineries.

The stocks of other companies from the same sector, which are looking good for short and medium-term trading, include IOC, HPCL, Essar Oil and BPCL.