1:2 Bonus, Rs 26/Sh Dividend YTD: Maharatna PSU Oil Stock Nears 52-Week High; BUY For Rs 500 Target

Maharatna oil marketing company, HPCL Ltd is a top pick of brokerage SMC Global Securities to buy in the trading week from September 30th to October 4th. The stock has a target price ranging from Rs 495 to Rs 500. During Tuesday's trading session, HPCL share neared its 52-week high levels of Rs 457.20 apiece which was recorded last month. YTD, HPCL has delivered bonus issue of 1:2 ratio and dividends up to Rs 26 per share.

Explaining in detail, SMC's latest weekly note said, the stock closed at Rs.437.95 on 27th September, 2024. It made a 52-week low of Rs.157.47 on 26th October, 2023 and a 52-week high of Rs.457.15 on 05th September 2024.

It added, the 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at 339.

According to SMC, HPCL stock has marked its 52 week high of 457.15 in
month of September and since then trading lower with formation of lower high pattern on daily charts. Recently
the stock managed to take support around 390 levels and bounced back once again to surpass above 420 mark after forming double bottom pattern.

Technically, SMC added, the stock has been maintaining its bullish move as prices are seen rising in formation of higher high and higher low pattern. The positive divergences on secondary oscillators along with rising price suggest net upswing into the stock. Therefore, one can buy the stock in range of 430-435 for the upside target of 495-500 levels with SL below 390 levels.