Shares of Hindustan Copper Ltd jumped 5.32 per cent to hit their one-year high level of Rs 377.10 in Friday's trade. The stock was last seen trading 1.27 per cent higher at Rs 362.60. At this price, the multibagger scrip has gained 259.51 per cent in the past one year.
Technical analysts largely suggested that traders who are already holding the counter may continue with their positions. And, the Rs 350-340 zone could be considered as an opportunity for fresh entry. Major support will be at Rs 300.
"Hindustan Copper's stock has given a decade-old breakout. At current market price, we are not suggesting to take a position. Those holding can continue with their positions. Any dips towards Rs 350-340 levels can be seen as an opportunity to enter. Keep stop loss placed at Rs 300," Kiran Jani, Head of Technical Research at Jainam Broking, told Business Today TV.
"Support will be at Rs 352 and resistance at Rs 377. A decisive close above Rs 377 level may trigger a further upside till Rs 395. The expected trading range will be between Rs 345 and Rs 395 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
"The stock is bullish but also very overbought on daily charts with next resistance at Rs 398. Investors should keep booking profits as a daily close below support of Rs 352 could lead it to a lower level of Rs 280 in the near term," said AR Ramachandran from Tips2trades.