Anand Rathi's research report on Hikal
Over the past year, HIKAL has established a robust support level within the range of 250 260 undergoing multiple tests that have demonstrated its resilience in the face of downward pressure. Recently, there has been a significant development as HIKAL broke above a bearish trendline that had constrained its movement for the past 3-4 years, and notably, it has sustained this breakout.
Outlook
This suggests a fundamental shift in market sentiment towards the stock Furthermore, on the indicator front, the weekly Relative Strength Index (has surpassed its own multiyear bearish trendline, signaling bullish momentum in the short to medium term. Considering these technical indicators, we have advised traders and investors to initiate long positions in HIKAL within the range of 285-310. We have set an upside target of 390 indicating our bullish outlook on the stock's potential for appreciation to manage risk, we recommend placing a stop loss order near 250 on a daily closing basis, aiming to protect against adverse movements in the market.
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