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The outlook for Hindustan Petroleum Corporation Ltd (HPCL) is bullish. The stock surged 5.8 per cent on Thursday and has closed on a strong note. This rise has taken the share price well above the key intermediate resistance at ₹366. This level of ₹366 will now act as a strong support.
Fresh buyers are likely to emerge at this level and limit the downside. Hindustan Petroleum Corporation Ltd (HPCL) share price can rise to ₹395 in the next couple of weeks or even earlier than that. Traders can go long now at ₹374. Accumulate on dips at ₹368. Keep the stop-loss at ₹359 initially. Trail the stop-loss up to ₹378 as soon as the stock moves up to ₹385. Move the stop-loss further up to ₹388 when the price touches ₹391. Exit the long positions at ₹395.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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