Take expertly
After the crash, analysts recommend the following: Nilesh Jain, head vice-president, Equity Research, Technical and Derivatives at Centrum Broking, said: “Yes, it could have a sentimental impact. It’s like adding fuel to the fire as the structure has already turned negative with a sell crossover on MACD and now this news will have a negative impact.”
“It corrected by 2.85% this week, though it corrected by 3.20% in the last two months. Overall, HAL’s trend looks sideways. It has strong support at the Rs 4,350 level and resistance at the Rs 5,000 level. Highly bandwidth-bound momentum is expected in the near future, but since HAL’s trend is sideways up, we recommend a ‘buy’ at the support levels in HAL,” he continued. Anuj Gupta, Director, Ya Wealth Global Research.
Tejas Jet Crash
The Indian Air Force confirmed that the plane crashed during the aerial display around 2:10 pm local time on Friday, leading to the death of the pilot. The pilot has been identified as Wing Commander Namansh Syal.
As the crash on the grounds of a Dubai airport cast a tragic shadow on an otherwise mega-spectacle on the final day of the event in the desert city, footage of the accident broadcast on TV channels showed the plane abruptly dropping in altitude after what appeared to be a low-altitude maneuver and then diving into the ground within seconds before being engulfed by a fireball.
The Indian Air Force had also issued a statement acknowledging the incident and said an inquiry committee has been set up to determine the cause of the crash.According to the statement, “An IAF Tejas aircraft suffered an accident today during an air display at the Dubai Air Show. The pilot sustained fatal injuries in the accident. The IAF deeply regrets the loss of life and firmly supports the bereaved families at this time of grief.”
Following the incident, HAL issued a public statement expressing its condolences and stating that it was “deeply saddened by the loss of the courageous IAF pilot.” The company added that it stands with the Indian Air Force and the pilot’s family. The aircraft participated as part of the Indian defense showcase at the international event.
This is the second reported Tejas aircraft accident in about 20 months. The previous incident took place in March last year in Jaisalmer, Rajasthan, where the pilot managed to escape safely.
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(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of The Economic Times)
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