Buy Hindustan Construction Company @ 51.5 with a target of 59.5 and a stop loss at 47.5 by Choice Broking
Hindustan Construction Company
HCC is currently trading at Rs.51.5, having recently broken out of its daily chart range with a notable surge in trading volume. This breakout suggests potential further upward movement, with a projected price target of Rs.59.5. A significant support level is identified near Rs.49.5 on the downside. Furthermore, HCC is currently trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This indicates robust bullish momentum, signaling the likelihood of sustained upward price action. The Relative Strength Index (RSI) stands at 68, implying an upward trajectory and affirming an increase in buying momentum. To effectively manage risk, it is advisable to establish a stop-loss (SL) at Rs.47.5 to protect the investment against unexpected market reversals. A prudent approach involves considering buying opportunities during market dips at levels around Rs.50. In summary, based on technical analysis and prevailing market conditions, HCC presents a promising buying opportunity for those targeting a Rs.59.5 price objective, contingent upon implementing prudent risk management measures.
Buy Hindustan Construction Company @ 51.5 with a target of 59.5 and a stop loss at 47.5
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