HFCL surges 9 per cent after powering its business with artificial intelligence!

The stock of HFCL has surged nearly 9 per cent on account of business upgradation. It is powering its network offerings with artificial intelligence-based analytics and has partnered with ApreComm, which is the leading AI-powered Wi-Fi technology provider. Taking into account the company’s aggressive plans for the future, this news has cheered the shareholders and people are looking forward to investing in the AI technology space.  

The technical chart of the stock is quite strong as it trades above all the short and long-term moving averages. The RSI has entered the bullish territory and the MACD also signalled a bullish crossover near the zero line. Elder Impulse System has given a buy signal while Mansfield Relative Strength indicator suggests outperformance of the stock against the broader market. Today’s price action is backed by huge volume, which indicates that the market participants are expecting the stock to soar higher in the coming days. The stock is quite attractive for the short as well as the medium term.  

Himachal Futuristic Communications Limited (HFCL) is a mid-cap company engaged in the business of manufacturing telecom products and provides turnkey solutions along with basic telephony as well as ISP services. The company manufactures access equipment, optical fibre cables, accessories, and terminal equipment. The company’s R&D facility is engaged in developing new products to increase its product portfolio and presence. With a market cap of Rs 12,162 crore, it is one of the most promising companies in its sector.