Money making in stock markets remain on a cyclical trend as the behaviour of stocks tend to change with regard to the development of the companies, specific industry and the economy of the concerned nation. At the market street, buzzwords like small-cap stock, mid-cap stock, large-cap stock, long-term gain, short-term gain, technicals, fundamentals, short selling, dividend, buy-back, IPO, etc., are often heard. As far as the Indian equities are concerned, the headline indices Sensex and Nifty have been largely surging for nearly two months now on the hope of better-than-expected Q4 corporate results.
We take a look at a small-cap share which had risen nearly 40% in the last 40 days. Shares of Hindustan Oil Exploration Company Ltd have grown 39% to Rs 143.8 from a share price level of Rs 103.75 in the last 40 trading days. The research and brokerage firm HDFC Securities has given a buy rating to the stock of Hindustan Oil Exploration Company Ltd with a target price of Rs 162 which implies an upside of 15% from the current market price of Rs 141.45.
Hindustan Oil Exploration Company Ltd has rallied smartly in the last few weeks after finding support around the 100 levels with Rs 100 levels also roughly corresponding to previous intermediate highs tested in September-October 2017, implying the change of polarity principle is at work, HDFC Securities said.
According to HDFC Securities, the stock has the potential to move higher in the coming weeks as it attempts to test its previous intermediate highs. HDFC Securities has given a stop loss of Rs 118.5 on the closing basis with a time horizon of 1 to 3 months.
Shares of Hindustan Oil Exploration Company Ltd are categorised in the ‘B’ group of shares on BSE and are a component of S&P BSE 500 and Nifty 500 indices. In the last one month, shares of Hindustan Oil Exploration Company have registered the highest and lowest volume at 18 and 2.88 lakh, respectively, on NSE.
Disclaimer: Views and recommendations given in this section are the brokerage firms’ own and do not represent those of www.financialexpress.com. Please consult your financial adviser before taking any position in the stock/s mentioned.