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Investors can buy Hindustan Construction Company at current levels with a short-term perspective. The stock bottomed at Rs 30.1 on October 27 after a protracted down trend. It had rebounded from this support in January 2005 too. Weekly candlestick chart patterns imply that a medium-term trough could have been formed at the recent trough at Rs 30.

Ten-day rate of change oscillator has moved firmly into the positive zone and the moving average convergence divergence oscillator too is signalling a buy. The implication is that the current up trend can sustain to take the stock higher. Our short-term target for the stock is Rs 68. Investors with a short-term horizon can purchase the stock with a stop at Rs 55.

BL Research Bureau

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