Technical Analysis

Hindustan Petroleum Corporation (₹218): Buy

Yoganand D, BL Research Bureau | Updated on May 05, 2020 Published on May 05, 2020

HPCL is yet to recognise ONGC as its promoter. Representative image   -  The Hindu

The stock of Hindustan Petroleum Corporation has gained 5 per cent with good volume in today's session. It started the session with gap-up open at ₹212 and continued to trend upwards. After recording an intra-day high at ₹220 the stock began to move sideways with an upward bias. Since it took support at around ₹165 in late March, the stock has been in a short-term uptrend. While trending up the stock had decisively breached its 50-day moving average in the past week and it hovers well above the 21- as well as the 50-day moving averages.

The daily relative strength index is charting higher in the neutral region. Further, the daily price rate of change indicator has re-entered the positive terrain implying buying interest. The short-term outlook is bullish for the stock. An emphatic break above the current resistance level of ₹220 will strengthen the uptrend and take the stock northwards to ₹226 and ₹232 in the forthcoming trading sessions. Traders can buy the stock with a deep stop-loss at ₹210.

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

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on May 05, 2020
This article is closed for comments.
Please Email the Editor