Go long in HPCL, says Mithil Pradhan

Mithil Pradhan of Violet Arc Global Managers recommends going long in Hindustan Petroleum Corporation with a target of Rs 740-Rs 750.

Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, " Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation  (BPCL) are bucking the trend. Yesterday there was a break out in HPCL above the 665; it is currently trading at about the same levels. Now, the break out has happened from a pattern which is called an ascending triangle pattern and it is giving an upside to almost about Rs 740 odd to about Rs 750 odd levels."

"This is definitely a good buy though the market might not do much but then this is where the momentum is. So you should be definitely long in HPCL," he added.

Disclosure: Analyst has no personal holdings and neither his company holds the stock.

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