Centum, HAL: Chandrayaan-3 soft landing can see related stks jump up to 15%

Shares related to Chandrayaan-3 may rise up to 15 per cent in the upcoming sessions, as per their respective technical chart patterns

The successful landing of Chandrayaan-3 has boosted the share prices of publicly traded companies who contributed towards supplying critical components. On Thursday, shares of aerospace and defence stocks witnessed significant interest from market participants. 

MTAR Technologies, Larsen & Toubro, Centum Electronics, Bharat Electronics, and Hindustan Aeronautics all hit a new all-time high, with strong optimism from traders. Shares of Tata Elxsi are yet to claim a new territory, but succeeded to hold the gap-up move, advancing over 2 per cent. 

Here’s the technical outlook on stocks related to Chandrayaan-3:-

Larsen & Toubro Ltd (LT)

Likely target: Rs 3,050

Upside potential:  10%

The Ascending triangle breakout prompted the next upside in the stock. Until the support of Rs 2,700 is protected, the price action could rally towards Rs 3,050-level. The counter is experiencing bullish momentum in the overbought category of the Relative Strength Index (RSI) indicating that the underlying trend remains highly resilient.  CLICK HERE FOR THE CHART

MTAR Technologies Ltd (MTARTECH)

Likely target: Rs 2,600

Upside potential:  9%

The stock opened over 8 per cent higher reaching a new 52-week high on Thursday. This up move has instilled a new enthusiasm in the upward bias. The stock has a support of the 50-day simple moving average set at Rs 2074-mark, with price action displaying a rally to reach a new historic peak of Rs 2,600. CLICK HERE FOR THE CHART 

Tata Elxsi Ltd (TATAELXSI) 

Outlook: Trading between 50-SMA and 100-SMA

Shares of Tata Elxsi has fallen under the support of 50-SMA placed at Rs 7,368-mark, but the 100-SMA set at Rs 7,067 continues to hold the selling pressure. Unless the 100-SMA is broken, the price action could see revival in trend.  CLICK HERE FOR THE CHART

Bharat Electronics Ltd (BEL)

Likely target: Rs 155

Upside potential:  15%

A new all-time high confirms a strong trend in progress that shall continue to see higher uncharted territories in the forthcoming session. While the 50-SMA placed at Rs 124 is acting as bolstering support, immediate support of Rs 130 may also provide cushion for the upward trend. The price action is headed towards Rs 155. CLICK HERE FOR THE CHART

Hindustan Aeronautics Ltd (HAL)

Likely target: Rs 4,500

Upside potential:  10%

A sustained move over the barrier of Rs 4,000 has triggered fresh upside in the stock. With the support of Rs 3,800, its 50-SMA, the counter is set move in the direction of Rs 4,500-level, as per the daily chart. The stock has surged over 60 per cent so far in the current year. CLICK HERE FOR THE CHART

Centum Electronics Ltd (CENTUM)

Likely target: Rs 2,000

Upside potential:  11%

Post March of this year, the share price of Centum Electronics have gained three times, delivering remarkable run-up. The present trend looks to continue higher with the same bias. Support exists at Rs 1,600, which needs to be honoured on the closing basis. Immediate reach could be towards Rs 2,000-mark. CLICK HERE FOR THE CHART