The stock faces strong resistance in the ₹1,930–₹1,950 range despite a recent 3.57% intraday gain following a strategic stake acquisition in FPEL TN Wind Farm.
Hyundai Motor India should not be bought at current levels around ₹1,920, according to SEBI-registered analyst Prabhat Mittal.
The analyst advised traders to wait for a breakout and close above ₹1,984 before initiating fresh positions.
At the time of writing, Hyundai Motor India shares were trading at ₹1,927.60, up ₹66.50 or 3.57% on the day.
Mittal highlighted that the stock has consistently faced resistance in the ₹1,930–₹1,950 range since its listing.
While the recent stake acquisition in FPEL TN Wind Farm drove the stock to an intraday high of ₹1,984.80, it failed to hold above key resistance and slipped back below ₹1,950.
He said the stock also lagged broader market gains in March and April and recommended a stop-loss of ₹1,899 if a breakout trade is triggered.
The technical setup came after Hyundai completed its first investment tranche in FPEL TN Wind Farm Pvt Ltd.
The company released ₹16.58 crore towards the subscription of 23.6 lakh equity shares, giving it a 26.13% stake in the wind power venture.
This follows Hyundai’s earlier November 2024 agreement to acquire at least 26% in FPEL TN Wind Farm with a total investment commitment of ₹38.05 crore.
On Stocktwits, retail sentiment was ‘neutral’ amid ‘high’ message volume.
The stock has risen 7.1% so far in 2025.
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