HPCL has recently concluded a period of consolidation that lasted for several weeks. However, it is now showing renewed momentum and establishing a strong foundation over a longer period of time. The stock is currently trading above its 50-day moving average (DMA), indicating strength in its price movement.Moreover, there is a positive crossover observed in the Moving Average Convergence Divergence (MACD), while the Relative Strength Index (RSI) stands at the 50 level.The stock price is holding steady above the Rs 505 level, accompanied by decent trading volumes, indicating buying interest among short-term traders.Therefore, based on these technical indicators, one could consider initiating a long position at the current market price (CMP) of Rs 514, targeting a price of Rs 548. To manage potential losses, a stop-loss order can be placed at Rs 495.