OFS may trigger sell-off in HAL shares, is it time to accumulate or avoid?

Hindustan Aeronautics shares may dip 20 per cent upon breaking key support

Avdhut Bagkar Mumbai
HAL, hindustan aeronautics
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Hindustan Aeronautics must hold ground to abate sell-off

Shares of Hindustan Aeronautics breached 4-week low post the Government of India announced an offer for sale (OFS) at Rs 2,475. Despite hitting fresh historic peak of Rs 2,893 in early march this year, the stock has been performing well since the past few sessions.
The stock conquered earlier peak of Rs 2,792 recently, but failed to attract follow-on buying interest. This led the stock price action to slip under Rs 2,800, with sentiment following the OFS announcement; which offered floor price well below the historic peak, dampened the positive trend further. 
While the counter is trading over the critical support of Rs 2,353-mark, its 200-day moving average (DMA), losing strength below 100-DMA and 50-DMA has impacted the short-term sentiment. 

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First Published: Mar 27 2023 | 11:34 AM IST

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