Hindalco - there's mettle in Metals.

Jun 14, 2020

Metal stocks have started staging a smart recovery with every sign of the global economy opening up post the pandemic and the resultant lockdown. Hindalco is one such counter that has seen a positive move. After a consolidation breakout, there was a triangle formation which is usually seen as a continuation pattern. The company also posted results that beat estimates handsomely. All technical indicators are very bullish. Go long above 150 for a target of 165 and a SL of 140. Conversely,if due to global factors, the breakout doesn't materialise, then there could be a short trade only below 140 for a tgt of 125-130 where there is strong support.