Investors with a short-term perspective can buy the stock of Hindustan Zinc at current levels. After taking support at the lower boundary of the sideways consolidation phase at ₹155 in mid-January, the stock started to trend towards the upper boundary. Since then, the stock has been in a short-term uptrend. While moving higher, it decisively breached its 21- and 50-day moving averages and is currently hovering well above them.

On Tuesday, the stock rose 2.2 per cent accompanied by above average volume, breaching the upper boundary at ₹175. This rally has strengthened the uptrend. The long-term trend is also up for the stock. The daily relative strength index is featuring in the bullish zone. Other indicators on the daily and weekly charts are hovering in the positive terrain. The stock can rally and reach the price target of ₹185 and ₹189 in the upcoming sessions. Buy the stock with a stop-loss at ₹174.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

comment COMMENT NOW