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Sell Hindustan Oil; target of Rs 195: Aditya Birla Money
Aditya Birla Money is bearish on Hindustan Oil Exploration Company (HOEC) and has recommended sell rating on the stock with a target of Rs 195 in its April 19, 2011 research report.
Aditya Birla Money is bearish on Hindustan Oil Exploration Company (HOEC) and has recommended sell rating on the stock with a target of Rs 195 in its April 19, 2011 research report.
"Hindustan Oil Exploration Company (HOEC) (with the sharp fall of yesterday) has breached the steep upward moving trendline of last few days. On intraday charts, prices have also given a breakdown from a Bearish Head and Shoulder pattern indicating that in the short term the stock has hit a strong road block and is likely to correct before any meaningful up move. Further with bearish Belt hold pattern formed in yesterday's session, Bears are likely to stay in control pushing prices lower towards Rs 200/195 levels."
"Daily stochastic is declining while weekly stochastic is about to give a negative crossover at overbought zone thus adding strength to our bearish outlook. On the higher side only a close above Rs 230 would negate the bearish expectation pushing prices toward Rs 245 levels. Sell HOEC on rallies to Rs 220 for a target of Rs 195 with stop placed above Rs 230 on closing basis," says Aditya Birla Money research report.
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