Hyundai Motor India: SEBI RA Aditya Thukral Sees Start Of ‘New Bull Market’ Toward ₹2,300

Hyundai Motor India, which listed on Indian exchanges in October 2024, has confirmed a breakout from a classic cup formation.

SEBI-registered analyst Aditya Thukral noted that the stock has maintained a structure of higher highs and higher lows, signaling an ongoing uptrend. 

The analyst said that previous resistances have flipped into supports, consistent with the principle of polarity.

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At the time of writing, shares of Hyundai Motor India were up 2.8% at ₹2,129.3.

Thukral said that rising volumes during the breakout support the bullish case. Key support levels include the 50-day EMA around ₹1,840, a prior resistance zone near ₹1,900, and a breakaway gap at ₹1,866.6.

“We believe this marks the beginning of a new bull market in the stock,” Thukral said.

He recommended buying Hyundai Motor India in the range of ₹1,965–₹2,006 with a stop-loss at ₹1,800 on a weekly closing basis. 

His near-term price target is ₹2,300 over the next two months.

The technical call comes after the company said exports continue to grow steadily for the automaker, while domestic sales suffered in May 2025 due to a scheduled plant maintenance shutdown. 

The company's total sales were at 58,701 units for the month, which is a drop from April when it registered sales of 60,774 units. 

Hyundai Motor India reiterated the confidence in export momentum and expects a gradual improvement in domestic demand in the coming months, on the back of receding geopolitical risks and improving macroeconomic conditions.

On Stocktwits, retail sentiment was ‘bullish’ amid ‘extremely high’ message volume.

The stock has risen 18.6% so far in 2025.

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