Buy Hindustan Construction Company (HCC) from a short-term horizon. It is evident from the charts of HCC that after bottoming around Rs 29 in early March, it has been on an intermediate-term uptrend. However, following a medium-term corrective decline from Rs 129 to Rs 88, the stock resumed its uptrend by taking support around Rs 90 in the recent times. Subsequently, the stock breached its 21 and 50-day moving averages and is trading way above these averages. On July 28, the stock gained 6 per cent accompanied with good volume.
The daily relative strength index (RSI) has entered in to the bullish zone from the neutral region and the weekly RSI is featuring in the bullish zone. The daily price rate of change indicator is hovering in the positive territory indicating bullish interest. Our short-term outlook is bullish on the stock. We expect its rally to continue until it knocks our price target of Rs 128 in the approaching trading sessions. Traders with a short-term perspective can buy the stock while maintaining a stop-loss at Rs 110.
source:BL
The daily relative strength index (RSI) has entered in to the bullish zone from the neutral region and the weekly RSI is featuring in the bullish zone. The daily price rate of change indicator is hovering in the positive territory indicating bullish interest. Our short-term outlook is bullish on the stock. We expect its rally to continue until it knocks our price target of Rs 128 in the approaching trading sessions. Traders with a short-term perspective can buy the stock while maintaining a stop-loss at Rs 110.
source:BL
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