![HUDCO share price: There could be a focus on rural housing in the upcoming Budget, a market expert said. HUDCO share price: There could be a focus on rural housing in the upcoming Budget, a market expert said.](https://akm-img-a-in.tosshub.com/businesstoday/images/story/202407/6686a00a79c5c-hudco-share-price-there-could-be-a-focus-on-rural-housing-in-the-upcoming-budget--a-market-expert-s-041345296-16x9.jpg?size=948:533)
Housing & Urban Development Corporation Ltd shares on Thursday jumped 8.60 per cent to scale their fresh record high of Rs 327.80. The stock finally settled 7.65 per cent higher at Rs 324.95. At this price, the multibagger PSU stock has rallied 151.61 per cent in 2024 so far. It saw a heavy trading volume of BSE today.
Around 66.71 lakh shares changed hands as against a two-week average volume of 12.81 lakh shares. Turnover on the counter came at Rs 213.22 crore, commanding a market capitalisation (m-cap) of Rs 65,051.74 crore.
Kranthi Bathini, Director of Equity Strategy at WealthMills Securities, said the stock has gained momentum on hopes that there could be a focus on rural housing in the upcoming Budget, expected later this month.
Investors with a high-risk appetite can buy this PSU stock for a medium- to long-term, Bathini mentioned.
On technical setup, support on the counter could be seen at Rs 315, followed by Rs 300 and Rs 280 levels. Immediate resistance will be at Rs 330. An analyst suggested booking profits at "regular intervals".
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "The stock has advanced into uncharted territory with strong bullish sentiment. Looking at specific levels, it seems that the Rs 300-280 zone could act as support in case of any temporary pullbacks. However, it is important to remain cautious and consider booking profits at regular intervals."
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, The stock looked strong on all technical parameters. It can see Rs 330 level in the near term. And, a decisive close above the said level is required for the next leg of rally. Keep stop loss placed at Rs 315. "
HUDCOis a public sector undertaking (PSU) engaged in housing finance and infrastructure project finance. As of March 2024, the government held a 75 per cent stake in the PSU.
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