Trading tips by Ajit Mishra of Religare Broking: Buy HPCL, Petronet NLG

Buy Hindustan Petroleum Corporation Limited 

Last close: Rs 244.90 

Initiation range: Rs 234-238 

Target: Rs 265 

Stop loss: Rs 225 

Hindpetro has witnessed a strong rebound after forming a base above the support zone of moving averages ribbon on multiple time frames. The chart pattern indicates the potential of a gradual up move from hereon. Traders should use any dip to create fresh longs in the given range. 

Buy Petronet LNG Limited 

Last close: Rs 251.40 

Initiation range: Rs 248-250 

Target: Rs 268 

Stop loss: Rs 240 

Petronet has been showing resilience as it is holding firmly above the support zone of long-term moving averages on the daily chart. The recent surge in the volume combined with the existence of a major support zone around 240 levels is pointing towards a steady rise ahead. 

Buy Tata Steel Limited 

Last close: Rs 729.30 

Initiation range: Rs 720-726 

Target: Rs 800 

Stop loss: Rs 680 

We are seeing noticeable traction in the metal pack and Tata Steel is leading the up move. It has witnessed a fresh breakout on February 23, after spending nearly one and a half months. Traders shouldn’t miss the opportunity and create fresh longs in the mentioned zone. 

Note: All prices are in Rs

Disclaimer: Ajit Mishra is VP - Research at Religare Broking

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