HINDALCO: Make or Break

Nov 1, 2022

HINDALCO is knocking very important levels. It's a make-or-break situation for the stock as it deals with the immediate resistance zone of (413-416). This zone has been proven support before, and recently we have seen a high-volume retest of these levels, which means supply is slowly getting tested and hopefully exhausted. Volume profile too clearly suggests that this (413-416) is a strong range of resistance. Technical pattern-wise, we can observe a “Cup and Handle” kind of behaviour which can lead to a breakout. But it is not going to be easy, and if we get the BIG breakout above 416, it’ll have to sustain and show resilience towards the next levels of 430 and 450. On the flip side, a close below the psychological 400 level completely negates this possibility. Trade Well.