The short-term outlook is bullish for Hindalco Industries. An early sign of a double-bottom formation is visible on the daily chart. This is a bullish reversal pattern. This also gives an early indication of the downtrend getting reversed. Moving average cross over on the daily chart also strengthens the bullish case. Immediate support is in the ₹590-580 region. Hindalco Industries share price can rise to ₹640-₹650 in the next few weeks. Such a rise will confirm the double-bottom pattern formation and also the trend reversal. Traders can go long now at ₹606. Accumulate on dips at ₹590. Keep the stop-loss at ₹570. Trail the stop-loss up to ₹615 as soon as the stock goes up to ₹620. Move the stop-loss further up to ₹625 when the price touches ₹635. Exit the long positions at ₹645.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)