Hindustan Aeronautics trades at all-time high; likely to see 20% upside

The overall chart outlook hints at a rally towards the Rs 2,000 mark for the stock.

Hindustan Aeronautics was trading at a fresh all-time high following reports that the company emerged as the lowest bidder to make five Polar Space Launch Vehicles (PSLVs) for ISRO.
 
The stock started trade a per cent higher and rallied to almost 4.50 per cent to hit a high of Rs 1,693 in intra-day trades of Monday so far. The stock was seen comfortably holding the gains till the mid-session.
  
Hindustan Aeronautics Ltd (HAL)
Likely target: Rs 2,000

Upside potential:  20%

Shares of Hindustan Aeronautics hit a new all-time high of Rs 1,693 level on Monday so far. The stock continues its winning streak since past three days. As it sustains above Rs 1,600 mark, the bullish bias is expected to see more upside, shows the combination of daily and weekly chart.

 
The medium-term support for the stock falls at Rs 1,500 and as long as it is defended, the stock is anticipated to venture in new territories on higher side.
 
The Relative Strength Index (RSI) is witnessing buying momentum in the overbought category, signalling absorption of selling hurdles, as per the daily chart
 
The overall outlook hints at a rally towards Rs 2,000 mark, which is almost 20 per cent upside from near to medium-term view.  CLICK HERE FOR THE CHART