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The upmove in the stock of Hindustan Zinc is gaining strength. The 1.86 per cent rise on Monday has taken the stock well above the key level of ₹320. Support is in the ₹323-320 region. A fall below ₹320 looks less likely. Dips to ₹323-320 is likely to get fresh buyers into the market. Hindustan Zinc share price can rally to ₹350-355 over the next three-four weeks. Intermediate resistance is at ₹335. A break above it can trigger the rise to ₹350-355.
Traders can go long now. Accumulate on dips at ₹324 and ₹321. Keep the stop-loss at ₹315. Trail the stop-loss up to ₹333 as soon as the stock moves up to ₹337. Move the stop-loss further up to ₹338 when the stock touches ₹341. Exit the long positions at ₹345.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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