Trade Idea of The Day - Hindustan Aeronautics Ltd Target Rs.160 - Religare Broking Ltd
Hindustan Aeronautics Ltd
BUY 28 APR 3500 PUT Hindustan Aeronautics Ltd Entry Range 120 – 126 Target Range 160 Stop Loss 105
Rationale
* HAL is continuously trading under pressure after a decisive breakdown below its previous swing low on the daily chart, indicating a continuation of the bearish trend and weakening market structure.
* Momentum indicators remain negative, with 14-Day RSI drifting in the oversold zone and MACD histogram sustaining in a negative trajectory, reflecting persistent selling pressure and lack of buying interest.
* On the technical front prices are trading below shortest moving averages of 10-DEMA, which now act as dynamic resistance levels, suggesting that any pullback is likely to face selling near resistance zones.
* Unless the stock prices reclaims the breakdown level, further downtrend remain intact towards the strong support zone of 3000 in the near term.
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