HUDCO shares zoom 20% to hit one-year high over housing push in Interim Budget; details here

Shares of Housing & Urban Development Corporation Ltd (HUDCO) surged 20 per cent to scale their one-year high of Rs 207. At this price, the multibagger stock has rallied 411.11 per cent from its 52-week high of Rs 40.50, a level seen on March 29 last year.

Today's sharp upward move in the share price came after Union Finance Minister Nirmala Sitharaman, in her Interim Budget 2024 speech, said that the government will launch a scheme to help deserving sections of the middle class "living in rented houses, or slums, or chawls and unauthorized colonies" to buy or build their own houses.

"By extending assistance to those residing in rented accommodations or unauthorized colonies, the government aims to bridge the gap and make homeownership a reality for a broader spectrum of society. This initiative aligns with the broader vision of inclusive development, where access to housing is viewed as a cornerstone in enhancing the overall well-being of citizens," said Adhil Shetty, CEO, Bankbazaar.com.

On technical setup, support on the stock could be seen at Rs 171, followed by Rs 164 level. "The stock has witnessed a decent rally in the last 3 months. With support maintained strong at around Rs 164, one can expect for a further rise with next target of Rs 217 visible in the coming days. The overall trend would turn weak only a decisive breach below Rs 161 zone is confirmed," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.

"HUDCO stock price looks bullish but also overbought on daily charts with next resistance at Rs 209. Investors should book profits at current levels as a close below support of Rs 171 could lead to Rs 140 in the near term," said AR Ramachandran from Tips2trades.

(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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