Dinesh Rohira
After witnessing a sharp correction from Rs 167 odd levels in the past few months, Hindustan National Glass & Industries witnessed a reversal trend in the recent period. A strong support is placed at Rs 78-76 levels.
The scrip registered a strong pullback throughout the session as it managed to decisively break out from its crucial moving average level of Rs 94 levels on closing basis coupled with positive volume growth above average.
The scrip gained about 12 percent on an intraday basis and about 32 percent on the weekly basis. The positive breakout on the weekly basis aided the scrip to form a long-solid bullish candlestick pattern indicating a strong reversal trend for a couple of sessions.
The weekly RSI trend registered an upward momentum at Rs 67 suggesting a buying regime along with MACD moving near bullish crossover.
The scrip has a support placed at Rs 78 levels and resistance level at Rs 128. We have a buy recommendation for Hindustan Nat Glass which is currently trading at Rs 104.90 for target of Rs 113.
Disclaimer: The author is Founder & CEO, 5nance.com. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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