Hindustan Petroleum Corporation (HPCL) has resumed its broader uptrend. The stock was in a corrective fall since mid-February this year. The 7.67 per cent surge on Thursday confirms the end of this correction. It also marks the beginning of a fresh leg of upmove. Moving average cross over on the daily chart also strengthens the bullish case. Support is now at ₹500 and then around ₹485 which can now limit the downside.
Hindustan Petroleum Corporation (HPCL) share price can rise to ₹620 over the next few weeks. Traders can go long now at ₹533. Accumulate on dips at ₹520. Keep the stop-loss at ₹475 initially. Trail the stop-loss up to ₹540 as soon as the stock moves up to ₹560. Move the stop-loss further up ₹580 when the price touches ₹595. Exit the long positions at ₹620.
Today’s Stock Recommendation: 3rd May, 2024
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)