HFCL Share Price Analysis: Can it hit ₹118? Find out key technical levels for entry, targets, and stop-loss to potentially profit from the uptrend.
About HFCL
HFCL, or Himachal Futuristic Communications Limited, is a diversified player in India’s telecom infrastructure sector. The company deals with developing infrastructure, integrating systems, and manufacturing equipment for telecom needs. They offer a range of products, including fiber optic cables, WiFi solutions, and network management systems.
Recent Performance Of HFCL
As of May 2nd, 2024, HFCL stock is trading around ₹102.65, reflecting a positive rise this year. Looking back, it’s seen a 55% increase over the past year but a slight dip over the last 3 months.
HFCL Share Price Target 2024 Analysis: Riding Bullish Momentum
HFCL currently maintains a position 12.82% away from its 52-week high, reflecting a notable distance but also suggesting potential for upward movement. Conversely, it stands 66.99% distant from its low, indicating a substantial recovery from previous lows. The bullish momentum persists as HFCL remains above short, medium, and long-term moving averages, indicating sustained positive sentiment and investor confidence.
Moreover, HFCL has demonstrated impressive performance in comparison to the broader market index, NIFTY 50, with a 3.84% increase over the past month, outpacing NIFTY 50’s 1.02% rise, this indicates that the HFCL share price target 2024 will be above than its current 52 week high. This outperformance suggests HFCL’s resilience and potentially superior growth prospects relative to the broader market.
Such metrics underscore HFCL’s attractiveness to investors seeking opportunities in the current market landscape. The company’s ability to maintain momentum and outperform the market in both short and long-term scenarios could signify a compelling investment proposition.
Investors may find HFCL an appealing option due to its relative strength and consistent upward trajectory. The distance from its high and low points indicates potential for further growth, presenting an opportunity for strategic investment decisions. However, investors should also consider market trends, industry dynamics, and company fundamentals before making investment choices.
Institutional Insights: HFCL Stock Dynamics and Market Sentiment
HFCL’s market capitalization stands at Rs. 14,816 crore, reflecting its substantial presence in the market. With a book value per share of Rs. 21.38, it indicates the underlying value of the company’s assets. Noteworthy is the increased confidence from mutual funds, with holdings rising from 4.19% to 5.43% in the quarter ending March 2024. Additionally, the growing interest from foreign institutional investors is evident, as the number of FII/FPI investors rose from 167 to 180 in the same period. These developments suggest growing institutional interest in HFCL, potentially indicating positive sentiment towards its future prospects.
HFCL Quarterly Result Update
Tomorrow, on May 3, 2024, HFCL will unveil its audited quarterly results, offering crucial updates on its financial performance and outlook.
There are chances of good outcome for the result.
Pivot Levels
Pivot levels will help us to identify support and resistance for our topic HFCL Share Price Target 2024.
| Type | R1 | R2 | R3 | PP | S1 | S2 | S3 |
|---|---|---|---|---|---|---|---|
| Classic | 106.34 | 112.19 | 120.59 | 97.94 | 92.09 | 83.69 | 77.84 |
| Fibonacci | 103.38 | 106.75 | 112.19 | 97.94 | 92.50 | 89.13 | 83.69 |
| Camarilla | 101.80 | 103.10 | 104.41 | 97.94 | 99.18 | 97.88 | 96.57 |
HFCL Share Price Target 2024: Entry, Target & Stop-Loss Levels
HFCL is exhibiting bullish signs, making it a possible candidate for swing traders. The stock is currently trading above its short, medium, and long-term moving averages, indicating a potential uptrend.
Entry & Targets:
An entry above Rs.104 could offer a good buying opportunity. The first target level sits at Rs.112, representing a potential gain of around 7.7%. If the momentum continues, a secondary target of Rs.118 could be in reach, signifying a possible 13.5% upside from the entry point.
Stop-Loss & Risk Management:
A stop-loss should be placed below Rs.95 to mitigate downside risk. This stop-loss maintains a buffer of nearly 9% from the entry price, allowing the trade some breathing room while limiting potential losses.
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