Hindalco Industries Ltd - Breakout OpportunityDate : 22-Aug-2024
LTP : Rs. 685.55
Next Resistances: (1) Rs. 715 --> (2) Rs. 790
SL : Rs. 608 on daily close basis
Technical View:
• NSE: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, NSE:HINDALCO has broke out from it's secondary downtrend with higher than average volume.
• NSE: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.
