The inventory with a market capitalization of round Rs 2,200 cr hit a 52-week excessive of Rs 86.40 on 26 April however noticed gentle revenue taking submit that. Investors can take a look at shopping for the inventory on dips in the direction of Rs 62-68, counsel consultants.
HBL Power System builds mission-critical electronics techniques & options. It is a part of the S&P BSE Smallcap index.
The inventory was largely buying and selling in a 20-point vary up to now within the yr 2022 on the weekly charts, the place Rs 70-75 remained the highest resistance degree whereas Rs 50-50 acted as a help.
Foreign buyers decreased their holding within the inventory from 11.25 per cent to 9.15 per cent within the March quarter, knowledge from Trendlyne confirmed.
The inventory surpassed the resistance degree to hit a contemporary 52-week excessive final week which may now take HBL Power System in the direction of Rs 100-135 ranges within the subsequent 6 months, counsel consultants.
In phrases of value motion, HBL is buying and selling above essential quick and long-term transferring averages of 20,50,100, and 200-DMAs which is a constructive signal for bulls.
The inventory value began its up transfer from Rs 15 (Sept 2020) to Rs 83.60 (Feb 2022), making a collection of upper bottoms & consolidation patterns.
During the transfer, the inventory repeatedly traded above averages, and the tremendous pattern indicator was additionally in a constructive mode. From November 21, the uptrend in inventory costs was supported by above-average volumes.
“Recently, the stock gave range breakouts and made a high of Rs 74.7 accompanied by highest weekly volumes since 2020. The Demand Index, KST, & PVT Indicator suggest the possibility of a strong up move on positive side,” Bharat Gala, President – Technical Research, Ventura Securities Ltd, stated.
“The possible targets are Rs 100-135. If the stock price corrects downwards, the buy levels are (Rs 71-68)-Rs 66-(Rs 64-62). A stop loss can be observed in the trade is Rs 57,” he added.
(Disclaimer: Recommendations, options, views, and opinions given by the consultants are their very own. These don’t signify the views of Economic Times)