Price broke the support zone with momentum, So wait for a pullback and take a sell trade on confirm signal, Do not take aggresive trade bacuase there is a chance to breakout upper trendline and price can go up with the HH HL formation, In that senario we will look for the buy setup.
The stock has made a high of 212.40 so far
Levels mentioned in the chart
Alternatively one may consider selling Hindalco Jan expiry
215 Call Option
Lot size 3500
Max profit potential in the strategy Rs 22750
The strategy has an inbuilt loss protection for rise in stock up to 221.50 on expiry day
Take care & safe trading...!!!
Hindalco has broken crucial support zone of 212-210. Considering negative trend in metal, it should slide further. If it takes support of 212.50-213 then again it can go up to 220 levels.
Levels mentioned on chart. Happy Trading.