Todays Pick

Hindustan Zinc (₹313.5)

Yoganand D | Updated on March 09, 2018 Published on October 03, 2017

The stock of Hindustan Zinc surged 6 per cent with an above average volume on Tuesday, breaking above a key medium-term resistance level of ₹300 and 21-day moving average. Investors with a short-term perspective can consider buying the stock at current levels.

The stock took support at around ₹230 in May 2017 and resumed its long-term uptrend and has been in an uptrend over the medium-term as well. After a near-term corrective decline, the stock found support at ₹290 last week and subsequently reversed higher. The stock hovers well above its 21- and 50-DMAs. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI has also entered the bullish zone backing the uptrend. Moreover, the daily and weekly price rate of change indicators features in the positive territory implying buying interest.

Outlook is bullish for the stock of Hindustan Zinc. It can continue to trend upwards and reach the price targets of ₹326 and ₹330 levels in the ensuing trading sessions. Trader can buy the stock with a stop-loss at ₹307.5.

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

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Published on October 03, 2017
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