Trending stock below Rs 100: HFCL

Himachal Futuristic Communications Limited (HFCL) is a mid-cap company, engaged in the business of manufacturing telecom products and also, provides turnkey solutions, basic telephony & ISP services. The company manufactures access equipment, optical fibre cables, accessories, and terminal equipment. With a market capitalisation of Rs 12,700 crore, it is one of the promising companies in its sector.  

The stock has surged over 6 per cent today and recorded a huge volume in the process. It trades near its breakout level of symmetrical triangle-like pattern. In just three weeks, the stock has soared nearly 20 per cent. It trades above the key moving averages. Moreover, the distance between its spot price and 20-DMA is over 11 per cent, which demonstrates strong bullish sentiment of the stock. To add further, the RSI is trading in a bullish zone while the rising ADX suggests strong strength of the trend. Elder Impulse System has given a fresh buy signal while Mansfield Relative strength indicator suggests outperformance of the stock against the broader market.  

The stock has performed phenomenally last year as it delivered over 175 per cent returns to its shareholders. Also, in the short period of one month, the stock reported an increase of about 14 per cent in its share value. Thus, it shows the bullish nature of the stock in the medium as well as the short term.  

The all-time high of the stock is Rs 95.70. With such a strong bullish nature, the stock is expected to take out its all-time high level and surge into uncharted territory.