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The S&P BSE Metal index surged 2.8 per cent outperforming other indices as well as the bellwether indices on Tuesday. Hindalco Industries surged 4.7 per cent with above-average volume in Tuesday’s session. On the strength of this upmove, the stock has become a short-term buy.
After a sharp fall from the key resistance level of ₹160 in early March, the stock found support at around ₹127. This support level provided a base and arrested further decline in the stock in the past two months. The daily relative strength index is on the brink of entering the bullish zone from the neutral region. The stock has decisively breached its 21-day moving average and is currently testing the resistance at ₹140. The short-term outlook is bullish. The stock can break through the current resistance and trend northwards to reach the price target of ₹145 and ₹148 in the upcoming sessions. Buy with a stop-loss at ₹136.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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