You can occasionally get these kinds of scenario in the market, HFCL is now sitting on the perfect support level and on the bull flag. Breakout may occur soon which can lead it to around 40, stop below 22.5.
Fundamentally also it is a good stock, you can hold it for long-term also.
Price has taken support at EMA 18.
MACD is also showing potential up trend.
If you do further analysis, on Weekly chart and Monthly chart price is above EMA 18.
It could be bought above 32.55 and idea stop loss would be below 30.70.