Technical Analysis

Hindustan Copper (₹73.4): Buy

Yoganand D BL Research Bureau | Updated on June 12, 2018 Published on June 12, 2018

   The stock of Hindustan Copper was on limelight on Tuesday, as the stock jumped 4.4 per cent accompanied with an above average volume. This rally has decisively breached the 21- and 50-day moving average resistances. Investors with a short-term view can buy the stock at current levels.

Since taking support at the long-term base level of ₹64 in early March, the stock has been on a sideways consolidation phase in the range between ₹64 and ₹80. Last week, the lower boundary at ₹64 provided cushion and the stock has bounced up from this support. Both the daily and weekly relative strength indices chart higher in the neutral region, backing the sideways movement. The daily and weekly price rate of change indicators featuring in the positive terrain imply buying interest.

With the current bullish momentum, the stock has the potential to trend upwards and reach the price targets of ₹76.5 and ₹78 in the ensuing trading sessions. Traders with a short-term perspective can buy the stock with a stop-loss at ₹71.5.

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

Published on June 12, 2018
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