Trade Idea of The Day - Hindustan Aeronautics Ltd Target Rs.170 - Religare Broking Ltd
Hindustan Aeronautics Ltd
BUY Hindustan Aeronautics Ltd 30 MAR 3900 PUT Entry Range 100 - 110 Target Range 170 Stop Loss 78
Rationale
* On the daily chart HAL is trading below its key moving averages of 20-DEMA and 50-DEMA and recent price action witnessed a rejection from 20-DEMA, indicating a firm shift in prevailing trend from a sideways to bearish bias.
* On the technical front, HAL has breached critical support level of 4200, hitting a fresh low for the current period which reflects that sellers are clearly in control of the narrative.
* 14-Day RSI has slide below the critical mark of 40, while the MACD histogram placed in negative territory with a bearish crossover, indicating continuation in downward momentum.
* The recent sharp price drops are accompanied by a notable spike in selling volume, suggesting institutional distribution rather than a minor correction.
Please refer disclaimer at https://www.religareonline.com/disclaimer
SEBI Registration number is INZ00017433
