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.)