HBL Engineering’s shares could extend their recent rebound to ₹880, supported by technicals, despite a volatile backdrop for Indian markets caused by global economic factors.
HBL Engineering shares could extend their recent rebound and rise towards ₹880 in the coming weeks, according to the technical view cited in The Hindu BusinessLine. The stock climbed more than 2 per cent on Tuesday, almost erasing Monday’s decline, and has been trending higher since the start of the month. On the daily chart, moving average crossovers are said to indicate that the uptrend remains intact, with a notable support zone clustered between ₹740 and ₹770.
The same analysis suggested that traders could consider buying at about ₹808, while also looking to add on dips near ₹790. A stop-loss was placed at ₹765, with the recommendation to lift it to ₹815 if the stock moves to ₹825, then to ₹830 and ₹850 as it reaches ₹845 and ₹860. The suggested exit point was ₹870, underscoring a short-term trading approach rather than a long-term investment call.
The stock’s strength comes against a choppier backdrop for Indian equities. On September 29, the Sensex and Nifty 50 fell for a second straight session as higher crude prices, firmer US Treasury yields and wider risk aversion weighed on sentiment. Banking and financial shares were among the main drags, while some reports said the benchmarks later recouped most of their losses as investors stepped in to buy index heavyweights ahead of monthly derivatives expiry. That late recovery left the broader market picture mixed, but it did not alter the near-term pressure from global bond yields and energy costs.
For HBL Engineering, the key question now is whether the recent move can hold above the lower end of the support band and build enough momentum to challenge the higher targets. A sustained break above ₹825 would strengthen the case for further gains, but a slip below ₹765 would weaken the bullish setup and suggest the pullback may not be finished.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
