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On Wednesday, the bellwether indices were choppy and closed marginally in the negative. CNX Metal index plunged the most among the sectoral indices, declining 3.5 per cent to close at 2,457. Hindalco Industries tumbled 6 per cent with above average volume, decisively breaking a key support around ₹145. Moreover, the stock has decisively breached its moving average compression around ₹155.
Both the medium- and short-term trends are down for the stock. The daily relative strength index has entered the bearish zone from the neutral region and weekly RSI is on the brink of entering this zone. The daily as well as weekly price rate of change indicators are featuring in the negative territory. The short-term outlook is bearish. The stock can continue to decline and reach our price target of ₹136 and then ₹133 in the coming trading session. Investors with a short-term perspective can sell the stock with a stop-loss at ₹145.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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