HPCL falls 3% after Q2 profit drops 9.1%, support at 320

HPCL fell about 3% to Rs 329.65 after Q2 profit dropped 9.1% to Rs 3,482.6 crore, with support at Rs 320 and resistance at Rs 355. Hindustan Petroleum Corporation Limited [

] fell about 3% to Rs 329.65 on 23 October, a day after its Q2 FY27 results. Standalone profit fell 9.1% to Rs 3,482.6 crore from Rs 3,830.4 crore. Revenue rose 33.4% to Rs 1,34,434 crore from Rs 1,00,781.1 crore. The gross refining margin hit US$32.15 a barrel against US$8.80 a year ago, but squeezed marketing margins and higher tax cut profit. The company returned to profit after a standalone loss of Rs 11,526 crore in the June quarter. Even so, the stock fell, and it now sits about 35% below its high near Rs 510. Price is sitting on a long-term rising trendline near Rs 330. Support is Rs 320. Resistance is Rs 355. A close below Rs 320 would break the trendline and weaken the structure. A close above Rs 355 would show buyers defending the trendline. The trend is neutral to bearish after the fall from Rs 510. Volume on any bounce toward Rs 355 is the key signal. A bounce on thin volume would lack conviction. Marketing margins decide earnings. DISCLOSURE: I do not hold any position in this stock. This is not a recommendation to buy or sell. Investments in securities markets are subject to market risks. Read all related documents carefully before investing.