It is time to go long on HPCL. The scrip has tested its bottom twice. First, it tested it at Rs 175 and now it has bounced up at Rs 178. The scrip has a resistance at Rs 215. This resistance has aborted the rise twice earlier. All the technical indicators have signalled a buy on the counter. No one can say if the Rs 215 top will be broken.But if that does not you can still get out with profit. On the other hand, if that breaks, the scrip could start moving up faster. So considering everything, it makes ample sense to get in here now. That would apply even more seriously to long term investors.
Right now, the refinery stocks are out of favour. But with bottom defined, this is the right time to get in and wait for the change of tide.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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