Chennai Petroleum Corporation Ltd – 1W

Trend: Strong uptrend intact, but currently facing rejection near supply zone after a sharp rally. Support & Resistance: Support – 955 / 766 Resistance – 1,047 / 1,104 Expected Move: As long as price sustains above 955, structure remains bullish. Break above 1,050–1,100 zone can trigger fresh momentum. Fundamentals (Brief): Refining business with strong linkage to crude cycles; earnings largely dependent on GRMs and oil price spreads. Verdict: Bullish structure intact, but at resistance — wait for confirmation above supply.