IIFL recommends 'buy' on HPCL above Rs 290

HPCL (BUY, above Rs290, Target Rs300, SL Rs285): HPCL has given a breakout from descending trendline above Rs285 which has reinforced positive move in the counter. Moreover, on the intra-day charts, the stock has given a breakout from rectangular band of Rs277-289 yesterday, which has turned the short term trend to positive. The immediate projection on the upside is seen at Rs300 based on the concept of range breakout. The daily RSI in yesterday’s trade has also given a positive crossover with impressive volumes. (Duration 4 days)

Derivative strategies (Time period: Till expiry)

 
Long ACC April Future above Rs1130 for the Target price of Rs1170 with a Stop loss placed at Rs1110. Lot size: 250                                                                                                 

Remarks: Net maximum profit of Rs10,000 and net maximum loss of Rs5,000.