Shares of Hindustan Petroleum Corporation Ltd has been on bull run for last two trading session since the company made announcement of door step delivery of Diesel. The share price reached an intra-day high of 309.95 and closed for the day at 307.90 per share with 0.87% increase in value in NSE. RSI indicator which is used to measure the momentum of stock based on speed of change in stock price regardless of direction in which price moves is currently in range of 33 to 59 as the signal line continues to move in neutral region with a slight upward incline supportive of existing momentum for upward price growth.
Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day and daily charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day & daily charts supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 288.39 & 313.88 respectively.