AbhishekHSinghCMT
Long

Hindalco - Two layer support at 180 & 186

NSE:HINDALCO   HINDALCO INDS
405 7 16
From previous update- 185-187 acted as a good support zone & trapped between 185-200 zone since 30-40 days likely close to start a trending move. We shall wait for hindalco             to show us the way next.

Downside, Hindalco             has two layers of support between 180 & 186 - On upside, it got rejected from 200-202 zones several times so likely break of 200-202 zone shall take it, to a new high in the zone 210-215. I am bit cautious on upside as an impulsive move which started from 58 lows in 2016 Feb could finish & take a U-turn.

Trading Strategy

Look for target zone 210-215 once it crosses 200-202 zone on the upside. Downside break of 185-only we will take sell calls that too for target 180 & below 179 -it can go deep downside.
Trade active: 13:08 Hrs 8th April2017

Last Price@193

It could be an ascending traingle- but as I always suggest do not become biased by drawing shapes as price confirmation is utmost important before taking shapes into consideration. So, let 200-202 zone be surpassed on upside then we will put this as a triangle shape.
Trade active: 14:00 Hrs 13th April2017

Last Price@185

That is the reason- I always tell don't become bias with the shapes as shapes can puzzle you. Look the comments below & let us learn from our mistakes.
Trade active: 14:36 Hrs 13th April2017

Looking weak till 180 -Kindly check at your end.

Trade closed: target reached: 18th April2017

Closed once touched 180 in this post.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Sir any view abt VEDANTA.....I have 1 FUT Lot LTP 267....Now LTP is 227.....
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183 Done....
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Hindalco trading @ 185.50.
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@nirav5, Nirav - I will have to check what's happening but it did not cross 200-202 as I was looking for an upside move.
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nirav5 AbhishekHSinghCMT
@AbhishekHSinghCMT, Yes, I think another post has Hindalco Short.
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In the Chart given below by tRex88 TOPS of MFI are showing negative divergence . This could only mean that stock, may not cross200-202 range in near future as we should not hurry towards conclusion of drawing an ascending triangle as Abhishek ji has cautioned. Let market show the way.
+1 Reply
Here is the ascending triangle pattern in the formation.
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