Hindalco in Uptrend Hindalco Moving in Parallel Channel in Uptrend with Sideways Momentum Expected.
Hindalco is currently trading within a well-defined parallel channel, showing a strong uptrend. The stock has respected the channel's boundaries, with consistent higher highs and higher lows. As the price approaches the upper boundary, some sideways consolidation is anticipated, indicating potential resistance at this level.
Hindalcolong
Hindalco Industries Ltd - Breakout OpportunityDate : 26-Mar-2024
Rating : Buy - Positional Trade
LTP : Rs. 558.65
Targets: (1) Rs. 620 --> (2) Rs. 636 --> (3) 675
SL : Rs. 515
Technical View:
• NSE:HINDALCO is in its primary uptrend since end of Jun 2023 and was recently going through it's secondary downtrend.
• After touching the high of 608.95 on 8-Feb-2024, it has retraced 18% to 499 level.
• NSE:HINDALCO has broke out from its secondary down trend on 15-Mar-2024 with higher then average volume.
• RSI has crossed 50 on 21-Mar-2024 and MACD crossed 0 on 22-Mar-2024.
• Looking strong to start a new swing from here.
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.
HINDALCO LOOKING GOOD FOR A BUYHindalco has created a bullish pattern, given breakout of recent high @ 508 and sustaining comfortably above that level.
Looking good for a buy @ CMP 515 and add if comes down towards 508 - 510 levels for the upside marked targets on the chart until 490 is intact on the downside.
To motivate us, Please like the idea If you agree with the analysis.
Happy Trading!
Hindalco can be bullish?Watch daily chart of hindalco stock. A very high probability that stock can form bullish candle near the TL support. So on any bullish candle near the marked area would be the good entry with very good risk to reward trade. Keep the stock in your watch list. This is for your educational purpose only.
Reason for why should you watch Hindalco !!Hindalco has given a breakout today & it's also at a good level to catch
Why Hindalco is a Buy? NSE:HINDALCO
Reason for Buy:-You can see metals are Inversely Proportional to Autos.
Even as of now, metals are standing stronger when volatility comes in the market.
This gives the Idea that the demand for metals is more than the supply, making the price move Higher.
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Hindalco near crucial resistance level.Hindalco is trading near its 20 ema on an hourly time frame.
It has been respecting its resistance level too.
If the stock trade below the 539 level, it can fall further.
If the stock gains bullish movementum and closes above 551 levels, it can move upto the level of 563
Support :- 539, 528, 516
Resistance :- 551, 563
Wait for the confirmation with volume analysis.
It can be an intraday or swing trade.
Hindalco in a parallel channelHindalco has been consolidating in a parallel channel for 7-8 days.
The support for the stock is near 550 levels.
If the stock gives a breakout on the upper side the achievable targets are around 600 and 620 levels.
The trade can give momentum,
Daily time frame is good as the consolidation is what we look for.
Wait for the breakout of the parallel channel and trade accordingly.
Support :- 550
Resistance :- 600, 620-23.