BPCL share price can make you rich; experts provide this hot tip

The Bharat Petroleum Corporation Limited or BPCL shares have been on the upside for the last few months, especially after ringing of the divestment bell by the central government. PM Modi led government has made it clear that BPCL will be disinvested by March 2020 and Finance Minister Nirmala Sitharaman has tweeted in this regard from her official Twitter handle. Now, stock market experts are looking at the oil and energy counter as quite promising and if share market investors take a right position at the right price, then they can become rich. Notably, according to experts, BPCL shares may hit Rs 580 per stock levels in one to two months from its current Rs 520 per stock levels.

Speaking on BPCL share price, Sumeet Bagadia, Executive Director at Choice Broking said, "BPCL share chart looks good and has made strong support at Rs 480-490 levels. In my opinion, the BPCL shares can hit Rs 540-550 per stock levels in the short-term perspective." However, Bagadia suggested share market investors take a buy position at around Rs 500 to Rs 510 levels as there is profit-booking awaited in the counter.

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Suggesting strong buy for the BPCL shares, Prakash Pandey, MD & CEO at Plutus Advisors said, "The BPCL share price has gone bullish after the disinvestment news and after the confirmation from the central government about the deadline. In my opinion, one should take buy position in the counter in a calibrated manner, which means, invest 50 per cent of the fund at current Rs 520 levels and if it dips, then add on dips till Rs 500 levels." However, Pandey suggested investors maintain the stop loss at Rs 488 saying, "BPCL shares have got momentum and hence one should invest in the counter in a calibrated manner so that they can get the benefit of profit-booking and if there is no-profit booking, then one should get the benefit of that as well." 

Asked about the target for which one should invest in BPCL shares, Pandey said that in one-two months, the BPCL share price seems likely to hit Rs 580-level.