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HAL shares surge 15% in 3 days, ICICI Direct sees further upside

After five months of higher base formation, the stock is resolving above multiyear highs, indicating structural turnaround, thus offering a fresh entry opportunity, the brokerage firm has said

August 26, 2021 / 10:27 AM IST
 
 
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Hindustan Aeronautics (HAL) share price was up 3 percent in the morning session on August 26. The stock, which has surged more than 15 percent in the last three days, was trading at Rs 1,286, up Rs 37.75, or 3.02 percent.

It has touched a 52-week high of Rs 1,290. It touched an intraday high of Rs 1,290 and an intraday low of Rs 1,250.

The stock has been in focus after the state-run aerospace company said it placed a Rs 5,375-crore order for 99 F404-GE-IN20 engines and support services with GE Aviation, US to power the Tejas Light Combat Aircraft.

"The share price of HAL has been an underperformer since 2018. Currently, after five months of higher base formation, the stock is resolving above multiyear highs indicating structural turnaround, thus offering a fresh entry opportunity," an ICICI Direct research report said.

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The stock is expected to maintain its up-trend and head towards Rs 1,380 as it is the price equality with November 2020-February 2021 rally (Rs 660-1115) projected from April low of Rs 930, the report said.

The recent breakout is accompanied by an above-average volume, indicating sustainability of uptrend. The stock has immediate support at Rs 1,090, an 80 percent retracement of the current up move.

Among oscillators MACD is in a rising trajectory, validating positive momentum over the medium term, it said.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​

 
Moneycontrol News
first published: Aug 26, 2021 10:27 am

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