Shall I buy HPCL futures at the current price? What can be the target and stop-loss? – Palani Shanmugam
HPCL (₹375.90): The stock has been in a steady decline since early July. It fell off the resistance at ₹450. Currently at ₹376, it is trading within the support band of ₹370-380. However, the selling pressure is strong and the support may not hold well.
Even if there is a recovery on the back of the aforementioned base, the stock should decisively break out of ₹390 to change the short-term outlook positive. A breakout of ₹390 can lift the stock to ₹415.
With respect to September futures, it ought to break out of ₹395 before you can consider going long. In case the contract breaks out of ₹395, buy with a stop-loss at ₹385 for a target of ₹420.
On the other hand, you can consider short position if September futures slips below ₹372. Target and stop-loss can be ₹350 and ₹382 respectively.
Send your queries to derivatives@thehindu.co.in
Published on August 30, 2025
