BPCL disinvestment gets going. Time to bet on OMCs? Here's what charts say

The formation of a "Death Cross" on BPCL has disrupted the upside bias lately. Here is how stocks of oil marketing companies look on the technical charts

Shares of oil marketing companies (OMCs) were trading in the negative territory in an otherwise steady market on Tuesday. At 11:50 AM, BPCL was down nearly 4 per cent at Rs 397 on the BSE, a day after the government said it has received multiple expression of interest (EoIs) for the divestment of BPCL.

The sale is crucial for the government in order to meet its disinvestment target of Rs 2.1 trillion for the current fiscal. Reliance Industries, however, did not put in a bid, nor did its partner Saudi Aramco. READ MORE
 

Given this backdrop, other