Stock of the Day – HPCL

PSU stocks rarely come in the limelight as the volatility of most listed PSU stocks is pretty low and the performance being sub-par, there is not much of an activity in many stocks. But the recent dividend stripping from Coal India seems to have infused some fresh impetus to many and one of the stocks that caught my eye is HPCL.

HPCL after making a low in August 2013 has been slowly inching up though its yet to break any crucial resistance levels. The stock is currently placed just below its 200 day EMA as well as its major resistance level of 240. While the stock is currently moving in a channel formation, any strong move would ideally break the pattern giving us a clear target based on the same.