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HUDCO share updates
HUDCO’s stock increased 20% to reach a one-year high of Rs 207. The multibagger stock has gained 411.11 percent at this point from its 52-week high of Rs 40.50, which was reached on March 29 of last year.
Housing and Urban Development Corporation Ltd. (HUDCO) saw a 20% increase in shares, reaching a one-year high of Rs 207. The multibagger stock has gained 411.11 percent at this point from its 52-week high of Rs 40.50, which was reached on March 29 of last year.
Following Union Finance Minister Nirmala Sitharaman’s announcement in her Interim Budget 2024 speech that the government will start a program to assist worthy middle class citizens “living in rented houses, or slums, or chawls and unauthorized colonies” in purchasing or building their own homes, the share price of the company increased sharply today.
“The government wants to close the gap and enable homeownership for a larger segment of society by providing aid to people living in unlicensed colonies or rented housing. According to Bankbazaar.com CEO Adhil Shetty, “this initiative is in line with the broader vision of inclusive development, where housing access is viewed as a cornerstone in enhancing the overall well-being of citizens.”
According to the technical setup, the stock could find support near the levels of Rs. 171 and Rs. 164. “In the last three months, there has been a respectable rally in the stock. Support has remained firm at about Rs 164, thus a further climb is anticipated, with Rs 217 being the next objective apparent in the coming days. The general trend would turn weak unless a decisive breach below Rs 161 zone is proven,” said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
“HUDCO’s stock price appears positive, but daily charts show that it is overbought, with Rs. 209 serving as the next barrier. A closing below the support level of Rs. 171 could eventually lead to Rs. 140, thus investors should book profits now, according to AR Ramachandran.
Disclaimer : The above article is meant for informational purposes only, and should not be considered as any investment advice.