Bajaj Financial Securities Ltd Recommends Hindustan Petroleum Corporation Ltd As A Bullish Short-Term Pick.

Bajaj Financial Securities Ltd. (BFSL) has placed a bullish short-term call on Hindustan Petroleum Corporation Ltd. (HINDPETRO). BFSL is projecting the stock to rise toward Rs 500 by the end of its November derivatives expiry. The brokerage identifies the oil marketing major as one of the preferred picks in the energy sector, citing strong technical momentum and renewed investor interest.

According to Bajaj Broking’s, HINDPETRO registered a breakout above the Rs 480 resistance level in Monday’s session, in line with the extension of its upward trend. The November data showed the highest call open interest at the 480 strike, which has now been surpassed, an indication that traders are unwinding bearish bets and repositioning for further upside. Simultaneously, consistent put-writing activity up to the Rs 520 strike reinforces the bullish sentiment.

A Green Signal

The stock’s structure of higher highs and higher lows, coupled with a bullish crossover in the Relative Strength Index (RSI), signals sustained buying momentum.

From a risk-reward perspective, BFSL suggests a buying range of Rs 476–Rs 480, with a stop-loss at Rs 466 and an upside potential of roughly 4.2 per cent. Since touching a recent low of Rs 432 on October 24, the counter has attracted strong delivery volumes.

The brokerage’s research team believes the broader oil and gas sector will continue to outperform in the near term as refining margins stabilize and energy demand strengthens ahead of the winter season. HINDPETRO, they add, stands technically positioned to benefit most within this trend.