Trading tips by Ajit Mishra of Religare Broking: Buy HPCL, Petronet NLG

Buy Hindustan Petroleum Corporation Limited

Last close: Rs 244.90

Initiation range: Rs 234-238

Target: Rs 265

Stop loss: Rs 225

Hindpetro has witnessed a strong rebound after forming a base above the support zone of moving averages ribbon on multiple time frames. The chart pattern indicates the potential of a gradual up move from hereon. Traders should use any dip to create fresh longs in the given range.

Buy Limited

Last close: Rs 251.40

Initiation range: Rs 248-250

Target: Rs 268

Stop loss: Rs 240

Petronet has been showing resilience as it is holding firmly above the support zone of long-term moving averages on the daily chart. The recent surge in the volume combined with the existence of a major support zone around 240 levels is pointing towards a steady rise ahead.

Buy Limited

Last close: Rs 729.30

Initiation range: Rs720-726

Target: Rs 800

Stop loss: Rs 680

We are seeing noticeable traction in the metal pack and is leading the up move. It has witnessed a fresh breakout on February 23, after spending nearly one and a half months. Traders shouldn’t miss the opportunity and create fresh longs in the mentioned zone.

Note: All prices are in Rs

Disclaimer: Ajit Mishra is VP – Research at Religare Broking

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link