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Yoganand D Investors with a contrarian view can consider buying the stock of Hindusthan National Glass & Industries at current levels. After recording a 52-week high at ₹193 in early January, the stock changed direction and began to decline. Since then, the stock has been in a medium-term downtrend. However, the stock found support at a key medium-term base range between ₹72 and ₹77 in early June last week. Triggered by a positive divergence in the daily price rate of change indicator, the stock has begun to move higher.
On Friday, the stock jumped 20 per cent witnessing buying interest. Sustaining this bullish momentum, the stock advanced 5.7 per cent accompanied with a good volume on Monday as well. Moreover, the stock has breached its 21- and 50-day moving averages.
The daily price rate of change indicator feature in the positive terrain implying buying interest. The stock can extend its up-move in the near term. Traders with a contrarian view can buy the stock with a stop-loss at ₹94. Targets are ₹100 and ₹102.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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