Broader Market Picks: SEBI Analyst Sees Resistance For Praj, Momentum For HBL

SEBI-registered analyst Akhilesh Jat flagged two stocks – Praj Industries and HBL Engineering - from the broader market space. Praj Industries is staging a relief rally after a steep correction, but is facing stiff resistance levels, while HBL Engineering continued to power ahead to fresh all-time highs on the back of robust earnings momentum.

Let's take a look at his recommendations.

Praj Industries: Relief Rally Or Trend Reversal? 

Praj Industries' stock surged nearly 7% in morning trade on Tuesday, extending yesterday's 3% rally. With this upmove, the counter has gained over 10% so far this week. The rebound comes after a steep correction, during which the stock experienced six consecutive weekly declines, pushing prices to their two-year low. 

Weak Q1 earnings were the primary trigger for the fall, as the company reported a sharp 94% drop in profit, pushing the stock to a fresh 52-week low of ₹390. From its calendar-year high of ₹875, the stock had corrected by more than 55%, testing investor sentiment, Jat noted.

Technically, the recent bounce indicates a short-term pullback from oversold zones. However, ₹450 and ₹475 are seen as crucial resistance levels, according to him. A sustained move above these could open the path for further recovery, while failure to cross may lead to renewed selling pressure. Jat advised traders to closely monitor the price action near these levels.

HBL Engine: Smallcap Giant With Big Momentum 

HBL Engineering stock hit a fresh all-time high of ₹859.90 on September 2. The stock has been on a remarkable run, with 14 out of the last 16 trading sessions closing in the green, defying the broader market weakness as investor confidence remains shaken by US tariff concerns on Indian goods. 

Jat highlighted that so far this year, HBL has surged over 37%, outpacing the Nifty50's 4.5% gain. Stellar fundamentals back the strong rally. In Q1 FY26, revenue grew 16% to ₹601.77 crore, while net profit jumped 79% to ₹143.27 crore - the company's highest-ever quarterly profit. EBITDA too rose 75% YoY, driving margin expansion and fueling optimism. 

With consistent momentum and robust financials, HBL continues to attract investor interest, setting new records despite volatile market conditions, he concluded.

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