HFCL is one of the leading companies in optics fiber manufacturing for 5g sector in India.
The company recently got approval for PLI schemes worth 652 crore as well.
Once price breaks above the neckline, we can expect fresh rally.
There is good volume spike as well on closing day, and it will be interesting to see if smart money inflow continues.
HFCL looks bullish on a symmetrical triangle breakout above 89 and a close of 91.85 as of 14 Jan 22.
Target of 120 with a stop loss of 5-8%.
Not a buy/sell recommendation, but personal analysis for educational purpose.
Resistance at 89. Will see strong upside once this level is crossed.
The price can retrace back to 79, 76 levels and 71 if it fails to sustain momentum.
View: Bullish in the long term. However, always keep a stop loss of 5-8 percent if your position fails.
