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Breakout Stocks To Watch: Hindustan Petroleum Corporation Limited and GMR Airports Infrastructure

05 March 20245 mins read by Angel One
Hindustan Petroleum Corporation Limited and GMR Airports Infrastructure trade around support and price contraction phase, signalling breakout momentum.
Breakout Stocks To Watch: Hindustan Petroleum Corporation Limited and GMR Airports Infrastructure
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Hindustan Petroleum Corporation Limited and GMR Airports Infrastructure are identified as upside potential stocks based on technical analysis. Both stocks have displayed promising technical setup, including price volume action before and a potential to breakout. Currently trading at Rs 527.95 and Rs 86.75, respectively, their price structures align with positive signals from technical indicators like RSI and ADX, a breakout scenario in the coming time.

Hindustan Petroleum Corporation Limited 

Daily chart of Hindustan Petroleum Corp. Ltd

Hindustan Petroleum Corporation Limited is currently displaying narrow-range trading on the daily chart; it is trading with the doji candles with a low formed on February 29. If the stock manages to cross and close above the Rs 531 level with the support of good volume, the stock price may start the strong momentum-up move in the coming trading sessions again. Currently, volume is dry, and probably the traders are looking for a confirmed direction for trade.

Those who are looking for a potential trade in the HPCL can buy the stock at the current level. Maintain a stop loss of Rs 487 and look for a target near or above the 52-week high of the stock.

Currently, the stock is crossing above the 20-day EMA probably turning short-term bullish again, the previous uptrend has logged 54.78% gains to the traders in a couple of months, witnessing a breakout from the consolidation to the high of Rs 595.35. Looking at the Relative Strength Index trading at 56.50, it suggests the neutral strength of the stock and the minimal buying point for the stock to gain maximum in the coming time as it reverted from the same level previously. ADX is at 26, which is on the normal side, reflecting the current scenario of a cooldown in price momentum that is likely to pick up soon with the breakout of the Rs 487 level.

In the event of a retracement, it is essential to monitor key support levels, particularly at Rs 466. The minor upper resistance is 52-week high, and if the stock starts back-to-back closes above 52-week high, then the stock may consistently trade above current levels.

Hindustan Petroleum Corporation Limited engages in the business of refining crude oil and sales of petroleum products.

GMR Airports Infrastructure Ltd 

Daily chart GMR Airports Infrastructure Ltd

GMR Airports Infrastructure’s current stock performance is characterised by a promising technical setup, trading at Rs 86.75, and has the potential to breakout at level Rs 89.85 to start a new uptrend with the help of positive volume. Currently, it is in a lower ATR, trading just above the 20-day EMA. Previously, we saw large volumes traded on February 29. Currently, the volumes are dry, and no one is taking part in trading activity as the direction of the stock is not clear to the traders.

Those who are looking for a potential trade in the GMR Infra can buy the stock at the current level with a stop loss of Rs 82.50. Keep the target above the 52-week high.

The stock is trading above the 50-day EMA, likely to take support in future at the same levels as it has shown in historical price data. The earlier stock price has given a breakout of a 52-week high gaining 43.96% of gains. The Relative Strength Index currently trading at 52.68, declining from an overbought zone likely to bounce back from the level of 50 as it’s a usual behaviour for the stock. This suggests the potential for a significant upward movement in the stock price. The ADX, currently at 14, indicates low directional strength and momentum.

The level at the 50-day EMA serves as a crucial indicator for corrective movements and the overall market structure favours traders if the stock crosses and trades above the Rs 90 level.

GMR Airports Infrastructure Ltd engages in infrastructure development.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.

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