Shares of Hindustan Petroleum Corporation Ltd. gained 1.08 per cent to Rs 238.5 in Thursday's trade. It hit a high of Rs 239.75 and low of Rs 236.25 during the session.
On the technical charts, the 200-DMA of the stock stood at Rs 214.05, while the 50-DMA was at Rs 234.51. If a stock trades above 50-DMA and 200-DMA, it usually means the immediate trend is upward. On the other hand, if the stock trades below 50-DMA and 200-DMA, it is considered a bearish trend and if trades between these averages, then it suggests the stock can go either way.
The stock traded above the signal line of momentum indicator moving average convergence divergence, or MACD, signalling a bullish bias on the counter. The MACD is known for signalling trend reversal in traded securities or indices. It is the difference between the 26-day and 12-day exponential moving averages. A nine-day exponential moving average, called the signal line, is plotted on top of the MACD to reflect “buy“ or “sell“ opportunities.