Stock at all-time high: Hindustan Aeronautics Ltd
5paisa Research Team
Last Updated: 23rd May 2022 - 05:47 pm
The stock of HAL has hit a fresh all-time high of Rs 1850 on Monday’s trading session.
Shares of HAL are undergoing a strong bullish momentum lately, having gained about 26% in just eight trading sessions. On the technical chart, the stock has formed a strong bullish candle and recorded huge volumes. In the past two days, the volume recorded was above 10-day, 30-day and 50-day average volumes, indicating a strong surge in trading activity. With this, it is now 12% above its 20-day MA and 35% above its 200-day MA. Thus, the price structure is extremely bullish.
The technical indicators show a significant rise in strength. The 14-period daily RSI (76.10) is in the super bullish territory, while the trend indicator ADX is picking up pace and points northwards. The MACD histogram is rising steadily, indicating a strong upmove and OBV, in particular, is extremely bullish and has dramatically surged above its prior swing high and justifies its strong strength through volume’s perspective. The other momentum oscillators and indicators such as KST and TSI indicate a bullish view. To add further, the stock has risen by 52% this year, and its one-week performance stands at a positive 15%, which is exceptionally well.
In a nutshell, the stock possesses high momentum and is a good candidate for swing trading. High-risk seekers can consider taking entry into this stock and it can deliver good returns in short period. HAL turned out to be a multibagger in recent times and is expected to continue its momentum on the higher side. Traders certainly have a good deal on the table.
Hindustan Aeronautics is a government owned-aerospace and defence entity. The company has a market capitalization of over Rs 61000 crore and has consistently reported increasing net profits and revenue in recent times which also makes it an attractive stock for investment.
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