Shares of Hindustan Construction Co (HCC) surged 5 per cent in Tuesday’s trade, extending their gains for the second straight session. The stock climbed 4.85 per cent to hit a day high of Rs 19.45 over its previous close of Rs 18.55 on BSE. Technical charts indicated support on the counter at Rs 18.50, followed by Rs 16.30 level.
At today’s high level of Rs 19.45, the stock has gained 16.12 per cent in two consecutive sessions. HCC has fallen 14.32 per cent compared to its one-year high of Rs 22.70, hit on December 20, 2022.
The stock has declined 12.30 per cent in the previous five sessions. On a year-to-date (YTD) basis, it has moved 13.24 per cent higher.
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A total of 42.15 crore shares changed hands today on BSE with a turnover of Rs 7.90 crore. The company’s market capitalisation (m-cap) stood at Rs 2,927.71 crore.
Technical analysts suggested a potential upside above Rs 22 zone in the near term. The stock has gained 84.54 per cent from its 52-week low of Rs 10.54, hit on June 20 this year.
Ravi Singh, Vice-President and Head of Research at Share India, said, “Construction stocks have gained amid a recovery in the benchmark indices. HCC stock is showing upward momentum on daily and weekly charts. The chart formation suggests an immediate target of Rs 22 levels in the near term.”
A R Ramachandran from Tips2trades said, “After a much-needed correction, HCC now has strong support at Rs 16.30.”
As the stock has closed above Rs 18.10, this could lead to targets of Rs 21-23.5 in the coming weeks, Ramachandran added.
Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One, said, “The stock has corrected from a high of Rs 22.70 and is hovering near the breakout zone. The support for the counter is placed near Rs 18-18.50.”
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Meanwhile, Indian equity benchmarks surged in late deals, led by strong buying in metal stocks after China announced it would further ease its strict Covid-19 restrictions.