Stock idea - Hindustan Petroleum Corporation By Axis Securities
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* With current close, the stock has decisively broken out its one year multiple resistance zone of 238 levels indicating strong come back of bulls
* The stock is in strong uptrend on the daily and weekly time frames. It is well placed above its 50-day, 100-day and 200-day SMA’s which reconfirm bullish sentiments
* This breakout is accompanied with huge volume spurt which signals increased participation at breakout
* The weekly strength indicator RSI and the momentum indicator Stochastic both are in bullish mode which supports upside momentum.
* The above analysis indicate an upside of 268-280*
* Holding period is 3 to 5 weeks
Buy Hindustan Petroleum Corporation Ltd @ 246-242 CMP 246 SL 232
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