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

Hindpetro has witnessed a strong rebound after forming a base above the support zone of moving averages ribbon on multiple time frames

Topics
Stock calls | Market technicals | Investment strategies

Ajit Mishra  |  Mumbai 

Equity fund managers buy Infosys, sell Reliance Industries in October

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

http://www.religareonline.com/disclaimer

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First Published: Wed, February 24 2021. 08:27 IST
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