Technical analyst Kunal Saraogi is of the view that investors can hold Essar Oil stock for short term target above 155.

According to Saraogi, the investors can hold the stock with a stop loss of Rs 128

Today, the shares of the company opened at Rs 130.80 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 194 and a low of Rs 118.05 on BSE.

Current EPS is -5.23.

Essar Oil promoters, on April 28, infused around Rs 1,320 crore into the company to support its growth plan. The company's promoters were issued and assigned 92,844,531 preferential equity shares worth Rs 10 per share, fully-paid up at a cost of Rs144 a share for the overseas depository, The Bank of New York Mellon.

Essar Oil posted a phenomenon decline in its standalone net profit for the three month period ended March 2010.

During the period, the company's profit decreased by 72.73% to Rs 1,800.00 million as against Rs 6,600.00 million in the same quarter of 2009.

Net sales for the period climbed 53.89% to Rs 104,540.00 million, whereas total income for the quarter jumped 54.43% to Rs 105,170.00 million, when compared with the prior year period.

Essar Oil recorded earnings of Rs 1.50 per share in the quarter, registering 72.88% decline over prior year period.