Ashish Chaturmohta of Fortune Group told CNBC-TV18, "Hindustan Petroleum Corporation (HPCL) is a good pick and if one can hold it for another six-nine months or even for one year then definitely one will see handsome returns coming from current level. The stock is trading near its all-time high and the kind of deregulation the government has come out with diesel and petrol prices, it is going to benefit oil marketing companies and there HPCL and Bharat Petroleum Corporation (BPCL) are the two stocks where major strength is being seen."
"HPCL is trading near its all-time high and the kind of consolidation it has seen, I think the stock has a potential to cross Rs 760-770 in short-term and if one can hold for another one year then definitely it has potential of crossing Rs 820," he added.
"One can continue holding the stock. As far as support levels are concerned, immediate support levels are around Rs 640-650 and till these levels are not broken, one should continue holding the stock."
Disclosure: Analyst does not have any personal holdings.
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