Shares of Housing & Urban Development Corporation Ltd (HUDCO) rose sharply in Friday's trade. The stock surged 18.27 per cent to hit a one-year high of Rs 162.80. It eventually settled 15.33 per cent higher at Rs 158.75. The multibagger scrip has zoomed more than 215 per cent in a year. Around 1.01 crore share changed hands today on BSE. The figure was higher than the two-week average volume of 25.95 lakh shares. Turnover on the counter came at Rs 156.08 crore, commanding a market capitalisation (m-cap) of Rs 31,780.16 crore.
On technical setup, support could be seen around the Rs 145-140 level. And, a decisive breach above Rs 160 is required for a further upside.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "HUDCO witnessed a strong spurt and continued its northward march into uncharted territory. The stock seems poised to carry on the momentum further. At current, a series of support can be seen in the Rs 140-135 zone, while sacrosanct support lies around Rs 125. As the counter is in an uncharted zone with no specific technical resistance, it is advisable to keep trailing profits regularly."
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock has been in a strong uptrend since the last 2 months and has soared once again after a short consolidation. It has potential to see further higher targets of Rs 162-178. Rs 139-142 would act as key support levels."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 140 and resistance at Rs 160. A decisive close above Rs 160 level may trigger a further upside till Rs 175. Expected trading range will be between Rs 135 and Rs 180 for a month."
AR Ramachandran from Tips2trades said, "HUDCO stock price is bullish but also overbought on daily charts with next resistance at Rs 159. Investors should book profits at current levels as a daily close below support of Rs 145 could lead to Rs 122 in the near term."
DRS Finvest founder Ravi Singh said, "The stock may see Rs 165 level in the near term. Support will be at Rs 147."
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 84.12. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 15.39 against a price-to-book (P/B) value of 1.75.
The scrip has a one-year beta of 0.4, indicating low volatility.
(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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