Hindustan Petroleum Corporation (HPCL) stock is looking very strong on the charts, has surged over 13 per cent so far this week. This has taken the share price well above the key resistance level of ₹390. The region between ₹400 and ₹390 will now act as a strong support zone. Dips to this support zone are likely to find fresh buyers coming into the market and limit the downside.
Hindustan Petroleum (HPCL) Corporation share price can rise to ₹480 over the next three-four weeks. Traders can go long now. Accumulate on dips at ₹405. Keep the stop loss at ₹380. Trail the stop-loss up to ₹425 as soon as the stock moves up to ₹440. Move the stop-loss further up to ₹455 when the HPCL share price touches ₹470. Exit the long positions at ₹480.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)