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.
Long
