Stock to Buy for Two Months: HDFC Securities has recommended Hindustan Copper Limited (HCL) as a top buy for a short-term investment of two months. The brokerage has set an initial target of Rs 370, with a second target of Rs 395. Investors are advised to purchase the stock in the range of Rs 330-344, with a stop loss at Rs 321.
HDFC Securities Predicts 18 per cent Surge
Market Overview
On Wednesday, the Indian equity indexes closed in the red as the broader market booked profits. The Sensex dropped 426 points, or 0.53%, to settle at 79,924, while the Nifty declined by 108 points, or 0.45%, to finish at 24,324.
HDFC Securities’ Recommendation, HDFC Securities Predicts 18 per cent Surge
For those seeking a short-term investment opportunity, HDFC Securities has highlighted Hindustan Copper Limited, a mini Navratna stock. The stock is expected to have an upside potential of 18% from its current price of Rs 334.
Price Targets for Hindustan Copper:
- First Target: Rs 370
- Second Target: Rs 395
- Buy Range: Rs 330-344
- Stop Loss: Rs 321
Bullish Sentiment on HCL Stock
HDFC Securities has observed a period of consolidation in Hindustan Copper’s stock over the past few weeks, followed by a breakout. The stock has reversed from a crucial base of Rs 313 and is trading above the 10 and 20-day exponential moving averages (EMA), signaling positive momentum. The overall chart presents a promising trading opportunity for positional traders.
Hindustan Copper Stock Performance
Hindustan Copper shares reached a new 52-week high of Rs 415 on May 22. Over five trading sessions, the stock rose from Rs 317 to Rs 347 before experiencing a nearly 4% decline. Year-to-date, the stock has delivered a 25% return in six months and an impressive 180% return in one year. Over two years, the return is 270%.
Disclaimer
The views and recommendations in this article are those of HDFC Securities. Readers are advised to consult their financial advisors before making any investment decisions.
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