Buy Hindustan Petroleum Corporation, target Rs 230:
Jay Thakkar of Anand Rathi has a buy call on Hindustan Petroleum Corporation (HPCL) with a target price of Rs 230.
The current market price of HPCL is Rs 214.60.
Time period given by the analyst is two weeks when HPCL price can reach the defined target.
The stock seems to have formed a wave 4 on the daily charts and wave 5 up seems to have started. It has also provided a breakout from the symmetrical triangular pattern formed in its wave 4. The hourly momentum indicator has come into buy mode with a positive divergence, hence we recommend buying this stock,"
HPCL, incorporated in the year 1952, is a large-cap company (having a market cap of Rs 32,701.23 Crore) operating in Petroleum sector.
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