Buy Hindustan Copper Ltd For Target Rs. 174/182 - LKP Securities
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Future Outlook
• The Rs18bn Copper Miner has seen its stock price rise 35% in a month since the street believes it to be a proxy to play the EV Theme.
• Rising Copper Prices coupled with hopes of opening up of closed mines at Jharkhand seem to have fuelled the rally since last one month
Technical Commentary
• A robust breakout has occurred on the daily chart, accompanied by a substantial surge in trading volumes. This breakout suggests potential for further upward movement.
• The momentum indicator, RSI, has confirmed a positive crossover, signifying a buy signal and indicating increasing positive momentum in the stock's price.
• The lower time frame uptrend remains intact, characterized by consistent higher highs and higher lows, indicating sustained positive momentum.
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