Buy HPCL on decline, target Rs 1030: Mithil Pradhan

Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, "I have always been bullish on Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL). HPCL has outperformed BPCL by quite a margin; in fact HPCL has doubled in the last four months. It has completed a short-term decline.""HPCL is a simple buy on decline strategy that I am applying right now. I would keep a stop loss below the low that it saw in the past three-four days which is Rs 859and the target I am looking at is Rs 1,030 approximately. The second reason is that crude at USD 42-43 per bbl still has about 5-6 percent decline left before it reaches the historical support zone of USD 38-40 per bbl. So there is still some upside in HPCL," he said.