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Friday, June 10, 2011

TRADING RECOMMENDATIONS 9th June

Hindustan Oil Exploration Company Ltd. CMP— Rs 197.30 We recommend going long in this counter at current levels.

Technical Outlook:-
The share price of appears to have given a breakout from a cup and handle formation.
A cup and handle pattern is a bullish pattern associated with price advances following a breakout.

We believe that the share price is likely to record upsides to levels of Rs 205 / Rs 210 in short term.
The momentum indicators are also in buy mode.

Suggested Trading Strategy:-
We recommend traders to take long positions at current levels and again on pullbacks to the level of Rs 194 - Rs 193 with a stop placed just below levels of Rs 191 for aforementioned targets.