HUDCO’s share price has been rallying since April. While it was trading in the ₹53-56 over the past two weeks, the stock broke out of the range on Tuesday, opening the door for more upside. The chart shows a bullish flag pattern, which has been confirmed by the recent breakout. So, although there was a minor decline on Wednesday, it is likely to be only a corrective one. We expect the HUDCO’s share price to resume the upswing.
- Broker’s Call: HUDCO (Buy)
The price action indicates that the stock is likely to see a rally on Thursday. Therefore, we recommend buying the stock of HUDCO for intraday at the current level of nearly ₹58. Place stop-loss at ₹56.50. Book profits at ₹61.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.