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Hindustan Petroleum Corporation Limited (HPCL) stock is getting ready for a fresh rally in the coming days. The stock has been consolidating and forming a strong base above ₹250 since the beginning of this month. The 200-Day Moving Average (MA) at ₹252 has been strong support all through this consolidation phase. Resistance is around ₹270. We see high chances for the stock to break this resistance at ₹270 in the coming days.
Such a break can take the HPCL share price up to ₹305-310 over the next three–four weeks. Traders can go long now. Accumulate on dips at ₹254. Keep the stop-loss at ₹244. Trail the stop-loss up to ₹269 as soon as the stock moves up to ₹275. Move the stop-loss further up to ₹281 when the price touches ₹290. Exit the long positions at ₹295.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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