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The short-term outlook is bullish for Hindustan Copper. The stock has begun the week on a strong note by surging over 11 per cent on Monday. This surge has taken the share price very well above ₹290 – a key resistance level. That keeps the overall uptrend intact. The level of ₹290 will now act as a strong resistance-turned-support level. Intermediate dips to ₹300-290 are likely to find fresh buyers coming into the market. Hindustan Copper share price can rise to ₹360-370 over the next few weeks.
Traders can go long now at ₹310. Accumulate on dips at ₹300. Keep a stop-loss at ₹275 initially. Trail the stop-loss up to ₹315 as soon as the stock moves up to ₹325. Move the stop-loss further up to ₹335 when the price touches ₹345. Exit the stock at ₹360.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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