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Hindustan Zinc Technical Analysis #41: Buy | Target Rs 308 | Arijit Banerjee

OUR RECOMMENDATION

CMP#288.85
IdeaBUY
Buy Range285 – 290
Target308 – 318
StopLoss*275
Duration15 – 20 Trading Sessions
Potential Return^7 – 10%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
288.85BUY285 – 290308 – 31827515 – 20 Trading Sessions7 – 10%

# CMP on Apr 05, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 298.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

Hindustan Zinc, a subsidiary of Vedanta Limited, explores, extracts and processes minerals in India and Internationally. The company produces refined Zinc, Lead, Silver, Cadmium and Sulphuric acid and also operates in thermal captive power plants, wind power plants, solar power plants and waste heat power plants. Hindustan Zinc Q3 profit drops to Rs 2,211 crore for the December 2018 quarter, against Rs 2,298 crore in the year-ago period.

Stock Data
NSE CodeHINDZINC
Sectoral IndexNifty Metal
52W High336.5
52W Low242.85
Face Value2
Relative Performance_Hindustan Zinc vs Nifty Metal Index

TECHNICAL OBSERVATIONS (WEEKLY)

  • Stock Price has recently made upside breakout from the downward sloping channel on weekly chart.
Hindustan Zinc Weekly Chart
Hindustan Zinc Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • Higher Tops and Higher Bottoms at Daily Charts.
  • Indicators like MACD turned bullish on Daily Charts. This momentum pattern indicating an opportunity for a BUY trade.
Hindustan Zinc Daily Chart
Hindustan Zinc Daily Chart

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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