HBL Engineering made a significant top near ₹1,119 back in October 2025, after which the stock entered a prolonged downtrend, eventually bottoming out at ₹613 — forming the 52-week low. The decline was sharp and well-structured, accompanied by above-average volumes, suggesting heavy distribution at the highs.
From the ₹613 bottom, the stock began recovering steadily with a series of higher lows, reflecting quiet accumulation over the February to April 2026 period. The recovery has been gradual and controlled rather than impulsive, which typically adds more reliability to the move.
The stock is now approaching a crucial decision point — the ₹840 zone. This level previously acted as a strong support shelf before the breakdown, and as per classical technical principles, prior support becomes resistance once breached. Over the last several sessions, price has been consolidating just below and around this level, creating a tight cluster of candles that signals a battle between buyers and sellers at this exact zone.
Today's session on May 6, 2026 is particularly noteworthy — the stock is up over 5%, attempting a breakout above ₹840 on meaningful volume. If the stock manages to post a daily close above this level convincingly, it opens up a clean pathway toward the ₹1,000–₹1,021 zone, which aligns with a prior consolidation resistance visible on the chart as the dotted horizontal line.
The measured move from the breakout point projects a potential move to ₹1,021, with intermediate resistance likely around ₹920–₹960. For positional traders, a stop loss below ₹800 on a closing basis keeps the risk well-defined, offering an attractive risk-to-reward setup of approximately 1:2.5 or better from current levels.
The key to this setup is confirmation — a sustained close above ₹840, not just an intraday spike. Any failure to hold this level could push the price back into the consolidation range and delay the move.
From the ₹613 bottom, the stock began recovering steadily with a series of higher lows, reflecting quiet accumulation over the February to April 2026 period. The recovery has been gradual and controlled rather than impulsive, which typically adds more reliability to the move.
The stock is now approaching a crucial decision point — the ₹840 zone. This level previously acted as a strong support shelf before the breakdown, and as per classical technical principles, prior support becomes resistance once breached. Over the last several sessions, price has been consolidating just below and around this level, creating a tight cluster of candles that signals a battle between buyers and sellers at this exact zone.
Today's session on May 6, 2026 is particularly noteworthy — the stock is up over 5%, attempting a breakout above ₹840 on meaningful volume. If the stock manages to post a daily close above this level convincingly, it opens up a clean pathway toward the ₹1,000–₹1,021 zone, which aligns with a prior consolidation resistance visible on the chart as the dotted horizontal line.
The measured move from the breakout point projects a potential move to ₹1,021, with intermediate resistance likely around ₹920–₹960. For positional traders, a stop loss below ₹800 on a closing basis keeps the risk well-defined, offering an attractive risk-to-reward setup of approximately 1:2.5 or better from current levels.
The key to this setup is confirmation — a sustained close above ₹840, not just an intraday spike. Any failure to hold this level could push the price back into the consolidation range and delay the move.
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ChartsWithVenu
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.