Comments
The stock of Housing & Urban Development Corporation (HUDCO) saw a steady decline in price between mid-July and October. The downtrend began on the back of the resistance at ₹350. But in November, the stock found support at ₹200, and the bears lost traction. Last week, it recovered on the back of ₹200 and moved above both 20- and 50-day moving averages. The scrip also broke out of the resistance at ₹230.
We expect the stock to appreciate to retest ₹350 over the next few months. Buy at ₹238 and accumulate if the price dips to ₹215. Place initial stop-loss at ₹185. When the stock rises to ₹275, revise the stop-loss to ₹245. When the stock touches ₹320, tighten the stop-loss further to ₹290 for the remaining position. Exit at ₹350.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.