Hindalco Industries Ltd on a daily chart stock price
is making higher high pattern, with increase in volumes. Also, we witnessed
stock price is trading above the 20 DMA, indicate stock is well placed above
the support level. On weekly chart stock price, has given the breakout of long inverted
head and shoulder pattern at Rs. 165, indicate rally will continue towards
north, which will take it towards previous high swings.
If one were to go by the
volume data, a higher upswing is seen on the stock price. Trader or investor
can accumulate at Rs. 167 for the target of Rs.180 levels, with Rs 155 stop
loss on closing basis.
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