It seems that the market has suddenly “discovered” the virtues of Hyundai Motor as a stock as prices have flared up some 10% within a week or so! After listing in Oct 2024, the stock remained idle with a slight downside bias with multiple highs being made near the 1920 levels. In between, the stock moved in tandem with the rest of the market and put in a low at 1541 on 7^th April.

It started moving up from there, again, along with the rest of the market until reaching the strong resistance band near 1920. The first hint of a change came when it broke out, in June second week, above the resistance zone and fell back to test it again before commencing higher once again. Between June 20 and 30, the stock prices gained about 18% and currently stand at 2240 now.

It is not as though some major volumes have come into the stock. The price did start with a large volume day on June 20^th, but no details of that has emerged and hence one can consider that to be a new interested buyer. But that move has set off a series of buy days recently.

Brokerages like Avendus Spark and Nomura have issued bullish reports on the stock.

Comparisons with Maruti, nearest competitor, appear to be favorable.

With good chart breakout, healthy numbers, positive outlook and decent coverage by brokers, it can be expected that the stock would remain in the reckoning ahead as well.

It looks to be attractive at the current levels as well as on dips back to near the IPO level (1960), if seen, in the future.