HUDCO Shares Surge 20% to Hit One-Year High on Housing Push in Interim Budget

Shares of Housing & Urban Development Corporation Ltd (HUDCO) surged 20% to reach a one-year high of Rs 207. This comes following the Union Finance Minister Nirmala Sitharaman‘s announcement in the Interim Budget speech of a new scheme aimed at helping those living in rented houses, slums, chawls, and unauthorized colonies to buy or build their own homes.

This initiative is in line with the government’s vision of inclusive development, where access to housing is seen as integral to the overall well-being of citizens, said Adhil Shetty, CEO of Bankbazaar.com.

Technical analysts have identified support levels at Rs 171 and Rs 164, and expect the stock to continue rising towards the next target of Rs 217. However, caution is advised as the stock is currently overbought on daily charts, and a close below the support level of Rs 171 could result in a decline to Rs 140 in the near term, warned AR Ramachandran from Tips2trades.