Trade Spotlight | What should investors do with HPCL, Tata Chemicals, Shipping Corporation of India on Friday?

Trade Spotlight | What should investors do with HPCL, Tata Chemicals, Shipping Corporation of India on Friday?

The structure of HPCL suggests that the downside seems to be limited at Rs 265, hence making it a good candidate with regards to the risk and reward scenario.







Sunil Shankar Matkar









March 04, 2022 / 07:29 AM IST





Oil prices rose to a 10-year high following escalated war between Russia and Ukraine caused selling pressure in the market on March 3. The BSE Sensex fell 366 points to 55,103 and the Nifty50 declined 108 points to 16,498, weighed by banking & financials, auto, FMCG and select pharma stocks.

The broader markets had a mixed trend with the Nifty Midcap 100 index closing 0.4 percent lower and Smallcap 100 index ending 0.35 percent higher.

Hindustan Petroleum Corporation climbed 4.6 percent to Rs 279 apiece, becoming the third largest gainer in the futures & options segment. Tata Chemicals jumped 4 percent to Rs 890 per share, while Shipping Corporation of India extended the rally to second consecutive session, rising 16.8 percent to Rs 124.15 per share.

Here's what Shrikant Chouhan of Kotak Securities recommends investors should do with these stocks when the market resumes trading today:

Hindustan Petroleum Corporation

After a short-term price correction, the stock has formed