On daily chart Oil India is trading in downward trading channel. It recently tasted lower trendline of the channel and bounced back from there making double bottom. Stock also moved above 20 and 50 DMAs but still trading slightly below 100 and 200 DMAs which may act as resistance upside.
Continuing with the current trend which is bullish in short term stock may touch 490- 500 in short term.
Traders can buy at CMP (on 15/6/12 it was 466) for target of 490 -500 in short term.
with stop loss at 445.
