Shares of Housing & Urban Development Corporation Ltd (HUDCO) on Monday continued their up move for the second straight session. The stock settled 1.98 per cent higher at Rs 203.40. At this price, it has rallied 371.38 per cent in the past one year. The scrip saw heavy trading volume today as around 45.14 lakh shares changed hands on BSE. The figure was way more than the two-week average volume of 20.57 lakh shares. Turnover on the counter came at Rs 93.67 crore, commanding a market capitalisation (m-cap) of Rs 40,718.65 crore.
HUDCO has recently entered into memorandum of understandings (MoUs) with NBCC (India) Ltd to strengthen consultancy services, asset monetisation and corporate social responsibility (CSR) activities.
Besides this, the government has proposed to sell 0.17 per cent of the total paid up equity share capital to achieve minimum public shareholding. As of December 2023, the Centre held 75.17 per cent stake in HUDCO.
On technical setup, the counter looked strong on daily charts. Support could be seen at Rs 200, followed by Rs 195 and Rs 190 levels. Immediate resistance may be found around the Rs 208 zone.
AR Ramachandran from Tips2trades said, "HUDCO stock price looks bullish on daily charts with next resistance at Rs 227. A Daily close above this resistance could lead to Rs 250 in the near term. Support will be at 190."
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "Near-term support will be at Rs 195. The stock will need a decisive close above Rs 208 level to confirm another round of fresh upward move in the coming days. The overall trend looked positive with potential upside targets of Rs 227-244 levels visible."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 195 and resistance at Rs 214. A decisive close above Rs 214 level may trigger a further upside till 220. Expected trading range will be between Rs 190 and Rs 230 for a month."
DRS Finvest founder Ravi Singh said, "The stock looked strong on charts. It may see Rs 220 level in the near term. Support will be at Rs 200."
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
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