CHENNPETRO | TECHNO-FUNDA ANALYSIS

Chennai Petroleum Corporation Ltd – 1W

Trend Description: Chennai Petroleum has given a strong bullish breakout from its medium-term resistance near ₹800 after several months of consolidation. The breakout candle is backed by heavy volume and a 26% weekly gain, signaling strong institutional participation. The stock has now entered a fresh upward leg aiming toward higher supply zones. Support & Resistance Levels: Support Level: ₹703 Breakout Level: ₹800 Immediate Resistance (Supply Zone): ₹998 Major Supply Level: ₹1,067 Fundamentals (Key Points): 🏭 Leading oil refining and petroleum product manufacturer under IOCL group. 📈 Strong refining margins amid robust crude spreads and rising domestic demand. 💰 Consistent profitability with improving gross refining margin (GRM). 🔋 Beneficiary of energy sector revival and industrial demand growth. 🧾 Strong dividend payout history and government backing enhance stability. Final Verdict: ✅ Bullish Breakout Zone – The stock has broken out with momentum and high volume, signaling continuation potential. Above ₹800, trend remains positive with targets of ₹1,000–₹1,070 in short term and ₹1,200+ in medium term. Buy-on-dips near ₹820–₹850 remains the best strategy. Bias: Strongly Bullish