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Hindustan Petroleum Corporation (₹382.10)
Momentum favours bulls
After witnessing selling pressure in the first couple of months this year, the stock of Hindustan Petroleum Corporation found support at ₹290 in early March. Since then, it has been on a rally. Last week’s movement gave good positive impetus to the stock and the probability of the stock making more gains is high. That said, there might be some correction in price, possibly to ₹350.
Therefore, participants can buy this stock at ₹380 and buy more shares if the price dips to ₹350. Place initial stop-loss at ₹315. When the stock appreciates to ₹420, modify the stop-loss to ₹385. Tighten the stop-loss further to ₹420 when the price hits ₹460. Liquidate the longs at ₹500.
IDBI Bank (₹79.52)
Holds above a support
Since the beginning of 2025, the stock of IDBI Bank has been largely trading sideways. It has been held within ₹66 and ₹85. But note that even when the broader market faced considerable downward pressure, the stock of IDBI Bank managed to stay above the support band of ₹66-69. In the last four weeks, it managed to post gains for three weeks, showing bullish inclination.
We expect the stock to see an upswing from the current level, potentially to ₹120 over the next few months. Buy the stock at ₹79 and accumulate if the price dips to ₹73. Stop-loss can be at ₹60. When the price hits ₹95, revise the stop-loss to ₹85. On a rally to ₹110, tighten the stop-loss to ₹100. Exit at ₹120.
Jyothy Labs (₹367.05)
Forms a base
The stock of Jyothy Labs has been in a downtrend since September last year. But in the recent weeks it was consolidating just above ₹320 as it provided support. While it opened with a significant gap-down below this level last week, the stock recovered to close above this base. The price action indicates positivity and there is a good chance for the stock to rally further.
Notable resistance levels are at ₹460 and ₹550. Traders can buy at ₹367 and add longs at ₹330. Place stop-loss at ₹290. When the stock rises to ₹425, revise the stop-loss to ₹380. On a rally to ₹460, exit one-third of the position. Shift the stop-loss for the remaining positions to ₹420. Exit the balance positions at ₹550.
Published on April 12, 2025
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