Buy HPCL; target of Rs 300: IIFL

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IIFL is bullish on Hindustan Petroleum Corporation (HPCL) and has recommended buy rating on the stock with a target of Rs 300 in its April 9, 2013 research report.
 
“HPCL has given a breakout from descending trendline above Rs285 which has reinforced positive move in the counter. Moreover, on the intra-day charts, the stock has given a breakout from rectangular band of Rs277-289 yesterday, which has turned the short term trend to positive. The immediate projection on the upside is seen at Rs300 based on the concept of range breakout. The daily RSI in yesterday’s trade has also given a positive crossover with impressive volumes. (Duration 4 days),” says IIFL research report.

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