Up 2.8x in one year: HDFC Securities expects up to 18% upside in this mining giant; note down target

Stock to buy for 2 months: The Indian equity indexes finished the day in red on Wednesday, as the wider market booked profits.

The Sensex closed at 79,924, down 426 points or 0.53 per cent, while the Nifty stood at 24,324, down 108 points or 0.45 per cent.

Meanwhile, if you are looking to buy a stock from short-term perspective, brokerage HDFC Securities has recommended buying a mini Navratna stock.

Share price target of Hindustan Copper 

The brokerage has suggested buying Hindustan Copper Limited (HCL) shares for two months. It has given a first target of Rs 370 and a second target of Rs 395. HDFC Securities has suggested buying the stock in the range of Rs 330-344 each, and if the stock price goes down, the stop loss is given at Rs 321.

This means that the stock has a potential upside of 18 per cent from its current price of Rs 334.

Why brokerage bullish on HCL stock

The brokerage said that consolidation was being seen in this stock for the last few weeks. Now its breakout has been found. There has been a reversal in the stock from the important base of 313. The stock is trading above the 10 and 20-day EMA i.e. exponential moving average, which is a positive indication. Trading opportunity is visible in the overall chart. In such a situation, traders can create opportunities here on a positional basis.

Hindustan Copper stock price movement

Hindustan Copper shares had made a new 52-week high of Rs 415 on May 22. This stock was seen rising continuously for five trading sessions. In this rise, it reached from Rs 317 to Rs 347 and today there is a decline of almost 4 per cent. So far this year, this stock has given returns of 25 per cent in six months and 180 per cent in one year. The two-year return is 270 per cent.

The views/suggestions/advice expressed here in this article are solely by the brokerage firm. Zee Business suggests its readers consult their investment advisers before making any financial decision.