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The outlook for the stock of Hindustan Petroleum Corporation is bullish. The stock surged 4 per cent on Monday breaking above an important resistance at ₹950. This rally has boosted the bullish momentum in this stock that was inching higher over the last two weeks. Also, this sharp rise on Monday signals that the uptrend in this stock that had begun from the February low of ₹636 is intact. Strong support in the ₹955-950 zone is likely to limit the downside in the near term. There is a strong possibility of the stock moving further higher to test the previous high of ₹991 hit in August 2015. A strong rise past this high will open the door for testing ₹1,025. Traders with a short-term perspective can go long. Stop-loss can be kept at ₹947 for a target of ₹1,020. Accumulate longs on dips near ₹960 and ₹950. Revise the stop-loss higher to ₹985 as soon as the stock moves up to ₹990. The outlook for the stock will turn negative only if it records a strong close below ₹950.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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