The analyst said BPCL shares broke out above a key resistance of ₹325 after consolidating between ₹307–₹325 since May 9.

BPCL broke above its recent consolidation range and may head toward ₹345, according to SEBI-registered analyst Anupam Bajpai.

At the time of writing, BPCL shares were trading at ₹322.35, down 3.4% on the day.

Bajpai noted that on May 9, the stock price of BPCL took support from its 200-day moving average. 

The 20-day moving average crossed above the 200-day moving average on the same day.

The stock maintained trading above its 200-day moving average and moved into a consolidation phase between ₹307 and ₹325 since then.

Bajpai said the stock formed a sideways chart pattern, with ₹307 acting as support and ₹325 as resistance.

As of today, the stock has broken out of the consolidation phase by crossing the important resistance of ₹325. 

Bajpai said the current price is ₹333.80, and a further rise may take the stock to ₹345.

On Stocktwits, retail sentiment was ‘bullish’ amid ‘high’ message volume.

The stock has risen 9.3% so far in 2025.

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