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We recommend a buy in Bongaigaon Refinery and Petrochemicals at current levels. It is evident for the weekly chart that after recording a life-time high of Rs 107 in late 2004, the stock began to decline and was in a long-term downtrend till March 2007. However, the stock has been in a steady medium term uptrend since the March trough. From the daily chart, we see that the stock is currently testing the key resistance around Rs 70 for the third time since late October. We observe good volumes in the stock over the past three trading days. The daily momentum indicators are signalling a buy. The immediate support level for the stock is at Rs 60 and the next support is at Rs 55. Short-term investors can buy the stock with stop-loss at Rs 60. We expect the stock to breach the current resistance and move up to Rs 82 in the short-term. Move above Rs 82 will propel the stock towards its record high at Rs 107.

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