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The short-term outlook is bullish for HFCL. The stock surged about 15 per cent last week and closed on a strong note. The price action since the end of May this year indicates a bull channel. Strong support is in the ₹120-118 region. Since the share price surged last week, an intermediate corrective fall cannot be ruled out. However, dips are likely to be bought. The ₹120-118 support zone will limit the downside as fresh buyers can enter.
HFCL’s share price can rise to ₹145. Traders can go long now at ₹130. Accumulate on dips at ₹124. Keep the stop-loss at ₹118 initially. Trail the stop-loss up to ₹134 as soon as the stock goes up to ₹137. Move the stop-loss to ₹139 when the price touches ₹141. Exit the long positions at ₹145.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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