BGR ENERGY; IMPORTANT SUPPORT / ENTRY LEVELS

CMP 301

• The next important Fibonacci Retracement support is at 294 levels and then the 150 DMA at 287.
• A break below this important 287-294 zone could see the scrip test 272 which also is the 50% retracement level.
• Below 272, the next retracement based support is at 250.
• Thus far, the stock has not really cracked in the manner in which some of its other Infra peers have. Now, this could work both ways, in the sense that if the Market macros improve, then perhaps this scrip will escape any further downfall or, more ominously, if the Markets continue their roll-down then there could be far greater punishment to come for this Stock because it would be playing catch-up on the downside.
• In any case, the best that any willing investor can do under these conditions is to buy at known supports, as above, in small lots. This is to say that one could buy some at CMP, add a little in the 287-294 zone and add more in the 272 region and so on. Otherwise, fundamentally, the Scrip is a must-have for any Portfolio.