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The upmove in Hindalco Industries has gained momentum. The stock has made a bullish breakout above the key resistance level of ₹712 this week. On the charts, the momentum is strong. The region around ₹710 will now act as a good support and limit the downside. Fresh buyers are likely to come in to the market around ₹710. Moving average cross overs on the daily chart also strengthens the bullish case. Hindalco Industries share price can rise to ₹800 in the coming weeks. Traders can go long now at ₹734.
Accumulate on dips at ₹718. Keep the stop-loss at ₹695. Trail the stop-loss up to ₹745 as soon as the stock moves up to ₹755. Move the stop-loss further up to ₹765 when the share price touches ₹780. Exit the long positions at ₹795.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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