Hindalco hits nearly 6-week high; chart suggests more upside

Reuters | Updated on March 20, 2019 Published on March 20, 2019

Hindalco Industries

Shares of Hindalco Industries Ltd gain as much as 2.77 per cent to Rs 207.95, their highest since February 8.

The stock breaks above a resistance at Rs 206.2, the 23.6 per cent Fibonacci retracement level on the downtrend from January 5, 2018 high to February 15, 2019 low. It also breaks above its 50-day exponential moving average (EMA), while the 20-day exponential moving average lent strong support last week.

A close above this 23.6 per cent retracement level may lead to further price rise up to the next resistance at Rs 221.05 rupees, the 38.2 per cent retracement level. Minor resistance is also expected at the 200-day EMA.

MACD turned positive on Tuesday and is above its signal line. Though stock down 10.5 per cent this year as of last close, while the broader NSE Index is up 6.2 per cent, but it gained 127 per cent in the last three years, as of Tuesday's close, and outperformed gains of 49 per cent. on the NSE Index.

The stock of Hindalco is currenty trading at Rs 206.40, higher by 1.95 per cent in the BSE index Sensex, while in the NSE index Nifty the stock was trading higher by 2.10 per cent at Rs 206.60.

Published on March 20, 2019
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