Dont miss out action on this defence stock as it's full of ammunition!
Among the defence stocks, one stock commands special attention
For the market, every adversity is an opportunity and thus, this current geopolitical tension between Russia and Ukraine is also an opportunity in disguise for some. The market participants are seen with guns blazing for the defence stocks. In addition to this, India has been focussing on Atmanirbhar Bharat in its defence sector, which adds to the chorus of tailwinds in this sector.
The majority of the defence stocks are trading in green along with good volumes. Stock like Bharat Dynamics Limited (BDL) marked fresh record highs on Wednesday while Astra Microwave Products Limited and BEML Limited were seen trading higher by 3.7 per cent & 1.19 per cent, respectively. However, among the defence stocks, one stock commands special attention and that is - Hindustan Aeronautics Limited.
Hindustan Aeronautics Limited (HAL) is an Indian state-owned aerospace and defence company. Technically, the stock has registered a breakout above the downward sloping trendline, which was formed by connecting the swing high from February 01, 2022, signalling the resumption of an up move. Interestingly, the breakout is supported by strong volume, which is above the 50-day average volume, highlighting larger participation in the direction of the trend.
The leading indicator 14-period RSI has marked a fresh 14-period high; it’s above the 60-mark and pointing northwards, which thus, supports the positive bias. The daily MACD is seen sustaining above its nine-period average and hence, validates positive bias in the stock.
The stock, on an MTD basis, advanced 3.84 per cent while on a YTD basis, it has delivered a double-digit return of 19 per cent, which means that the stock has relatively outperformed the benchmark as well as the broader market indices.
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