Oil & Gas shares: HPCL hits 52-week high, gains 3.5% on Moody’s outlook revision; analyst recommends these 2 stocks for high returns
Nilesh Jain recommends a buy in HPCL at current levels with a price target of Rs 350 and a stop loss of Rs 300. It will attain new highs once this level is crossed, Jain said. The stock achieved its 52-week high of Rs 323.70 today
The stock markets were trading in the green on Thursday, with Nifty50 gaining over 200 points or 1.1 per cent at 17,844.95 around 1 pm. All 15 sectoral indices were trading with a positive bias. Tech Analyst Nilesh Jain picked two stocks from the Oil & Gas sector, which he said are poised to give good returns.
He said that Hindustan Petroleum Corporation Limited (HPCL) was trading positively on Thursday triggered by an upgrade in its outlook by Moody’s on Wednesday.
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“In terms of Regulations 30 and 51 read with Part A & Part B of Schedule III respectively of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we write to inform you that MIs. Moody's Investors Service, an international credit rating agency for Foreign Currency (USD) denominated notes, has vide its press release dated 06th Oct 2021, revised the Long Term Issuer Default Rating outlook of Hindustan Petroleum Corporation Limited to "Stable" from "Negative". The updated Ratings are attached herewith,” it said.
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Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking, recommends a buy in this stock at current levels with a price target of Rs 350 and a stop loss of Rs 300. It will attain new highs once this level is crossed, Jain said. The stock achieved its 52-week high of Rs 323.70 today.
It was trading at Rs 322.50 on the NSE, up 3.5 per cent from the Wednesday closing price.
Another stock picked by him was from the Nifty Oil & Gas Sector. He picked Bharat Petroleum Corporation Limited (BPCL) for a price target of Rs 500 with a stop loss of Rs 415. He said that the stock is looking strong on technical charts.
BPCL shares were trading at Rs 451.40 on the NSE, up 0.9 per cent from the last closing price on Wednesday. The 52-week high for this stock is Rs 503.
Jain’s views are based on the technical analysis of the stocks and not on the fundamentals of the companies. Both stocks were recommended with a 3-4-week view.
The analyst had been bullish on this sector with price hikes and improving outlook in the near to medium term. He had suggested strategies for Oil & Natural Gas Commission (ONGC), Indian Oil Corporation Limited (IOC) and Gujarat Gas Limited.
Nifty Oil & Gas index was up 0.24 per cent around this time and was trading at 8043.70. In the 15-share index, 11 stocks advanced, while 4 declined.
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