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


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