HCC - 14 years of resistance breakout
Updated
Technical Analysis
It had a fake breakout earlier this year, where the price temporarily moved above the resistance level but then fell back into the channel. Recently, there was a breakout accompanied by a significant increase in volume, suggesting buying interest.
The stock has been respecting the 200-day EMA (Exponential Moving Average) since April 2023. The price is currently near the lower end of the channel, INR 42 could act as support.
The RSI, indicating that the stock is neither overbought nor oversold. It is in a neutral zone.
Potential Scenarios
If the stock holds the support, the 14-year resistance turned support at 42 INR, it could move back up towards the initial resistance level of 54 INR, then 67 INR and 100 INR.
If the stock breaks below the 42 INR level and the lower trend line of the channel, it could fall towards the 200-day EMA at 36 INR.
Segment and Order Book
The company has an order book of Rs.10,475 crore. Sector wise Breakup:-
Transport - 48%
Hydro - 26%
Water - 20%
Nuclear - 6%
• Lowest bidder in projects worth ₹4,500 Cr.
• Bids for projects worth ₹10,400 Cr are under evaluation.
• Additionally, a bid pipeline of ₹46,440 Cr has been identified for future growth.
Disclaimer: The information and publications are not meant to be, and do not constitute, financial, investment, trading or any other types of advice or recommendations.
It had a fake breakout earlier this year, where the price temporarily moved above the resistance level but then fell back into the channel. Recently, there was a breakout accompanied by a significant increase in volume, suggesting buying interest.
The stock has been respecting the 200-day EMA (Exponential Moving Average) since April 2023. The price is currently near the lower end of the channel, INR 42 could act as support.
The RSI, indicating that the stock is neither overbought nor oversold. It is in a neutral zone.
Potential Scenarios
If the stock holds the support, the 14-year resistance turned support at 42 INR, it could move back up towards the initial resistance level of 54 INR, then 67 INR and 100 INR.
If the stock breaks below the 42 INR level and the lower trend line of the channel, it could fall towards the 200-day EMA at 36 INR.
Segment and Order Book
The company has an order book of Rs.10,475 crore. Sector wise Breakup:-
Transport - 48%
Hydro - 26%
Water - 20%
Nuclear - 6%
• Lowest bidder in projects worth ₹4,500 Cr.
• Bids for projects worth ₹10,400 Cr are under evaluation.
• Additionally, a bid pipeline of ₹46,440 Cr has been identified for future growth.
Disclaimer: The information and publications are not meant to be, and do not constitute, financial, investment, trading or any other types of advice or recommendations.
Note
Budget 2024 - Research and development of small and modular nuclear reactors**government will partner with the private sector for (1) setting up Bharat Small Reactors, (2) research & development of Bharat Small Modular Reactor, and (3) research &development of newer technologies for nuclear energy.
**Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics. The government propose to fully exempt customs duties on 25 critical minerals and reduce BCD on two of them.
Technical - the stock holds the support at 42 INR
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.