HAL Share Price Intraday Prediction for September 4, 2024, after 4864, move towards 4979 or fall towards 4731?

On September 4, 2024, Hindustan Aeronautics Limited (HAL) is attracting significant attention in the stock market. Following a recent surge in its share price, analysts are keen to predict its future performance. With a current trading price around ₹4,837.5, HAL’s stock has shown resilience and potential for growth. This article delves into the technical and fundamental analysis of HAL, providing insights into its market performance, target predictions, and trading levels for today and tomorrow.

Live Today: Market Performance of HAL Share Price

As of September 3, 2024, HAL’s share price experienced a notable increase of over 5% due to a substantial ₹26,000 crore order win for 240 AL-31 FP aero-engines. This contract is expected to bolster HAL’s already impressive order backlog, which stands at approximately ₹1.2 lakh crore. The recent developments have positively impacted investor sentiment, leading to a rise in the stock price from its recent lows of ₹4,766. This upward movement highlights the stock’s resilience amid market fluctuations.

Technical Analysis of HAL Share Price

Analyzing HAL’s stock through technical indicators reveals a mixed outlook. The stock has corrected approximately 17% from its record high of ₹5,674.75, indicating some volatility. However, the recent price action suggests a potential bullish trend as it approaches key resistance levels.

Key Levels to Watch

• Resistance Levels: The immediate resistance for HAL is seen around ₹5,000, followed by ₹5,200.
• Support Levels: On the downside, support is expected near ₹4,700 and ₹4,600.

Traders should monitor these levels closely for potential breakout opportunities. The Relative Strength Index (RSI) indicates that the stock is nearing an overbought condition, suggesting a cautious approach for intraday trading.

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Fundamental Analysis for HAL Share Price

HAL’s fundamentals remain strong, with a market capitalization of ₹3,52,404 crore. The company’s Price-to-Earnings (P/E) ratio stands at 46.4, which is relatively high compared to industry peers. However, HAL’s robust return on equity (ROE) of 28.9% and return on capital employed (ROCE) of 38.9% reflect efficient management and profitability.

Quarterly Results Analysis

The quarterly results for HAL indicate consistent revenue growth. The net profit for the last quarter was ₹4,292 crore, showcasing a significant increase from previous quarters. This growth is attributed to increased demand for defense products and effective cost management strategies. Analysts expect this trend to continue, supporting a positive outlook for the upcoming quarters.

Today Target Prediction of HAL Share Price

For September 4, 2024, the target price for HAL is projected to be between ₹4,900 and ₹5,000. This prediction is based on current market trends and the positive momentum generated by recent contract wins. Traders are advised to keep an eye on market news and developments that could influence price movements throughout the day.

Intraday Trading Levels of HAL Share Price

For intraday traders, the following levels are crucial:

• Buy Zone: ₹4,800 – ₹4,850
• Sell Zone: ₹4,950 – ₹5,000

Traders should consider entering positions within these zones while maintaining a stop-loss strategy to mitigate risks.

Tomorrow’s Forecast of HAL Share Price

Looking ahead to September 5, 2024, the forecast for HAL suggests a continuation of the bullish trend if the stock can maintain above the ₹4,800 level. A break above ₹5,000 could lead to further gains, potentially reaching ₹5,200. Conversely, if the stock falls below ₹4,700, it may indicate a bearish trend, prompting caution among investors.

Compare Peer Stocks

When comparing HAL with peer stocks in the defense sector, it stands out due to its strong order backlog and consistent performance. Competitors like Bharat Electronics Limited (BEL) and Hindustan Shipyard Limited (HSL) also show promise, but HAL’s recent contract wins give it a competitive edge. Investors should consider these factors while evaluating their investment strategies.

Key Factors Influencing HAL’s Stock

Several key factors could influence HAL’s stock performance in the near future:

1. Government Policies: Supportive government policies for defense procurement can enhance HAL’s growth prospects.
2. Global Defense Spending: An increase in global defense budgets may lead to higher demand for HAL’s products.
3. Execution of Orders: The timely execution of current orders is crucial for maintaining investor confidence.
4. Market Sentiment: Overall market sentiment and economic conditions will play a significant role in HAL’s stock performance.

Find Out Bearish and Bullish Trends of HAL Share Price

Investors should be aware of the current bearish and bullish trends in the market. While HAL has shown bullish momentum recently, external factors such as geopolitical tensions or economic downturns could shift sentiment. Monitoring these trends will be essential for making informed investment decisions.

Monthly Important Levels

For the month of September, key levels for HAL to watch include:

• Monthly High: ₹5,200
• Monthly Low: ₹4,600

These levels will provide a framework for traders to gauge potential price movements and make strategic decisions.

Movement Causes

The recent movement in HAL’s stock price has been driven by several factors, including:

• New Contracts: The approval of large defense contracts has created positive sentiment.
• Market Reactions: Investor reactions to quarterly results and market news have influenced trading behavior.

Note: This article is written for educational purposes, Local Haryana does not provide buying and selling of any kind of stock