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Which oil&gas stock is ICICI Direct betting for 20% gains?
ICICI Direct is coming out with a Technical report on Hindustan Oil Exploration with a BUY recommendation as the stock is expected to outperform in the near term.
ICICI Direct is coming out with a Technical report on Hindustan Oil Exploration with a BUY recommendation as the stock is expected to outperform in the near term.
The share price of Hindustan Oil Exploration bottomed out near the | 156-160 range around February-March 2011. The stock recorded an ascending triangle pattern breakout in mid-March 2011 with huge volumes.
Thereafter, the share price has embarked on a steady uptrend forming higher tops and higher bottoms on the daily chart. In the process, it has also swiftly moved past its 200 day exponential moving average (EMA) after witnessing a brief consolidation below the same.
Strategy
In the short-term, the share price may witness some pullbacks to the supports of 210 levels given the magnitude of the rally since 160 levels. Investors should utilise such pullbacks in the range of Rs 205-212 levels to enter the stock as we expect Hind Oil Exploration to head towards price targets of Rs 270 levels in the medium-term. A change of view is warranted if it closes below Rs 195.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management.Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
