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The short-term outlook is bullish for Hindustan Copper. The stock has been moving up consistently over the past one week. The 5.8 per cent surge this week has taken it well above the 200-Day Moving Average (DMA) resistance. This could boost the bullish momentum.
Cluster of supports are poised in the ₹111-108 region. A fall below ₹108 looks less likely now. Hindustan Copper share price can rise to ₹124-125 over the next two three weeks if the current momentum continues. Traders can go long at current levels. Accumulate on dips at ₹111 and ₹109. Keep the stop-loss at ₹106. Trail the stop-loss up to ₹115 as soon as the stock moves up to ₹117. Move the stop-loss further up to ₹118 when the price touches ₹120. Exit the long positions at ₹122.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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