Hindustan Aeronautics Ltd - Breakout Opportunity
Updated
Date: 14-May-2024
Rating: Buy - Positional Trade
LTP: Rs. 4,074.70
Targets: (1) Rs. 4,275 --> (2) Rs. 4,650 ++
SL: Rs. 3,670 on daily close basis
Technical View:
•
HAL is in its primary uptrend and also going through it's secondary uptrend.
• Within the current secondary uptrend,HAL has retraced 5% from top and again started the upward journey from 8-May onwards.
• On 14-May-2024,HAL has broke out from minor down trend line as well as it broke the previous 52 week high with higher than average volume.
• On 8-May-2024,HAL has closed above 20 DMA and 21 DEMA. Since then it is trading above 20 DMA and 21 DEMA.
• RSI is trading at 68.74 and MACD is trading at 118.49.
• Looking strong to continue the current uptrend.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
Rating: Buy - Positional Trade
LTP: Rs. 4,074.70
Targets: (1) Rs. 4,275 --> (2) Rs. 4,650 ++
SL: Rs. 3,670 on daily close basis
Technical View:
•
HAL is in its primary uptrend and also going through it's secondary uptrend.• Within the current secondary uptrend,
HAL has retraced 5% from top and again started the upward journey from 8-May onwards.• On 14-May-2024,
HAL has broke out from minor down trend line as well as it broke the previous 52 week high with higher than average volume.• On 8-May-2024,
HAL has closed above 20 DMA and 21 DEMA. Since then it is trading above 20 DMA and 21 DEMA.• RSI is trading at 68.74 and MACD is trading at 118.49.
• Looking strong to continue the current uptrend.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
Note
16-May-2024-----------------
LTP: Rs. 4603.70
Both targets (4,275 and 4,650) reached. 13% up from suggested level.
With bullish crossover seen in both RSI and MACD, momentum looks strong. 5,023 can be seen as a next possible target.
NEXT TARGET: Rs. 5,023.
Note
24-May-2024----------------
LTP: Rs. 5,166.65
3rd target of 5,023 reached. 27% up from suggested level.
MACD, RSI and Moving averages are still suggesting bullish momentum. HOLD till the momentum is strong with open target.
Trade closed: target reached
In last one week lot of price action has been seen. Hence, closing this idea and publishing new one with updated chart and targets.
Disclaimer
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