Here's why Mehul Kothari recommends buying Elecon, Hindustan Petroleum

According to the technical analyst from Anand Rathi, Elecon has confirmed a range breakout while HPCL seems to be testing support at its long-term trend line.

BUY

ELECON

TARGET: Rs 255

STOP LOSS: Rs 210

In the last trading session; ELECON confirmed a range breakout above Rs 219 mark at its new 52–week high. The price action was supported with humongous volume which indicates that the breakout could be genuine.

The breakout resembles an inverse head and shoulder pattern which suggests much for upside in the coming week. Thus, traders can accumulate the stock on dips in the range of Rs 230 - Rs 222 with a stop loss of Rs 210 for an upside target of Rs 255 in the coming 2–3 weeks.

BUY

HINDPETRO (HPCL)

TARGET: Rs 246

STOP LOSS: Rs 220

After the