Hindalco Industries Ltd - Breakout Opportunity
Date: 22-Aug-2024
LTP: Rs. 685.55
Next Resistances: (1) Rs. 715 --> (2) Rs. 790
SL: Rs. 608 on daily close basis
Technical View:
•
HINDALCO is in it's primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 712.10 on 10-Jul-2024, it has retraced 15% to 608 level.
• On 21-Aug-2024,HINDALCO has broke out from it's secondary downtrend with higher than average volume.
•HINDALCO is trading above 20 DMA and 50 DMA. On 19-Aug-2024 it closed above 20 DMA and on 21-Aug-2024 it closed above 50 DMA.
• RSI is already in buy zone and trading at 61.20.
• MACD has already crossed over it's signal line and about to cross 0 line.
• Looking strong to start a new swing from here.
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Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
LTP: Rs. 685.55
Next Resistances: (1) Rs. 715 --> (2) Rs. 790
SL: Rs. 608 on daily close basis
Technical View:
•
HINDALCO is in it's primary uptrend and was recently going through it's secondary downtrend.• After touching the high of 712.10 on 10-Jul-2024, it has retraced 15% to 608 level.
• On 21-Aug-2024,
HINDALCO has broke out from it's secondary downtrend with higher than average volume.•
HINDALCO is trading above 20 DMA and 50 DMA. On 19-Aug-2024 it closed above 20 DMA and on 21-Aug-2024 it closed above 50 DMA.• RSI is already in buy zone and trading at 61.20.
• MACD has already crossed over it's signal line and about to cross 0 line.
• Looking strong to start a new swing from here.
Like the analysis? Boost/Like this idea and follow my ID.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
Comment
Correcting R2 to 781 (from 790).Comment
24-Sep-2024
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LTP: Rs. 717.85
1st resistance of 715 reached. 5% up from suggested level.
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