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As of 30-Sep-2022, promoters held 63.97 per cent stake in the company, while FIIs held 8.23 per cent and domestic institutional investors had 11.66 per cent.

The Relative Strength Index of the stock stood at 47.46 on Monday.

“I do not think we can keep getting PE expansion at the expense of earnings growth. So, earnings growth is one of the key factors. The other key factor would be any kind of move towards peace in Russia and Ukraine because that will bring down oil prices very quickly and help the building programme in Ukraine which will be good for Europe and good for some Indian companies ”

Global brokerage firm Morgan Stanley has maintained its overweight rating on HAL with a target price of Rs 3,216 on the stock as the management has manufacturing order visibility of Rs 1.2 lakh crore over next 3-5 years and valuations are compelling.

Sectorally, buying was seen in FMCG, utilities, power, consumer durables, and healthcare stocks while some selling was visible in auto space.

"Equity valuations are above average and not cheap. There are pockets like banking and PSU stocks which are attractive, while consumption is expensive," said Rajeev Thakkar, Chief Investment Officer, PPFAS Mutual Fund.

"Lumpsum amounts can be staggered to protect from near-term market volatility. We, however, recommend staggering for not more than 1-2 quarters so as not to suffer cash drag if the market rallies hard. We are sitting on minimal cash and are staggering new inflows generally within a month in most cases."

As per the Fibonacci ratios, the stock has the potential to head higher towards 86 and 95 levels being 3.618 and 4.24 retracement ratios, respectively. Whereas on the downside key intermediate support is seen at 76-71.

“Though we have done very well relatively in terms of dollars, we have not done that well because the dollar has really hit us on a dollar return bit but now is the time for a breather for the markets. There may be a flat lining happening from here on.”

“Nifty rising to a new record of 18,614 is indicative of the underlying bullishness in the market. But the global market construct is not very favourable for the rally to continue unabated. Also, the high valuation in India is becoming a matter of concern,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.