HCC ..................................... BUY ............................. CMP ₹38.65

BSE Code : 500185 Tar­get 1 ..... ₹43 | Tar­get 2 ..... ₹45 | Sto­ploss .... ₹37 (CLS)

Dalal Street Investment Journal - - TECHNICALS -

The stock of Hin­dus­tan Con­struc­tion Com­pany is cur­rently trad­ing at ₹38.75. Its 52-week high/low stand at ₹48/₹29, which were made on April 25, 2017 and Novem­ber 9, 2016, re­spec­tively. Af­ter hit­ting 52-week high, the stock had wit­nessed lower tops and lower bot­toms. The stock gave a mul­ti­ple point trend­line break­out by join­ing the lower tops at ₹38.20 level, saw a pull­back there­after slightly be­low the trend­line level, which acted as 50% re­trace­ment level of the prior up­ward rally. Re­cently, the stock has given a bounce-back to trade above the trend­line. The break­out is sup­ported by jus­ti­fi­able vol­umes and with 14-pe­riod RSI pos­i­tive cross­over above 60 level.

There­fore, we rec­om­mend a BUY in the scrip above ₹40 for a tar­get of ₹43, fol­lowed by ₹45 and with a stop loss of ₹37.

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