Next target on HOCL at Rs 59: Gujral

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Next target on HOCL at Rs 59: Gujral

HOCL is been doing this basing since probably March of this year and now from that base, it’s trying to get out. Today is the first day, so it’s a good entry point. Levels of Rs 59 could be next, says Technical Analyst, Ashwani Gujral.

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Hindustan Organic Chemicals  is been doing this basing since probably March of this year and now from that base, it's trying to get out. Today is the first day, so it's a good entry point. Levels of Rs 59 could be next, says Technical Analyst, Ashwani Gujral .

Gujral told CNBC-TV18, "Hindustan Organic Chemicals is a smallcap stock, it's been doing this basing since probably March of this year and now from that base, it's trying to get out. Today is the first day, so it's a good entry point. So levels of Rs 59 could be next for HOCL but from here till the budget, midcap and smallcap have a lot of catching up to do."

Hindustan Organic Chemicals touched an intraday high of Rs 49.40 and an intraday low of Rs 45. At 14:19 hrs the share was quoting at Rs 47.25, up Rs 3.60, or 8.25%. It was trading with volumes of 1,632,190 shares. Yesterday the share closed down 1.24% or Rs 0.55 at Rs 43.65.