The short-term outlook for the stock of Hindalco Industries is bullish. The 6 per cent surge on Monday has taken Hindalco Industries well above a key resistance level of ₹449 – the 200-Day Moving Average. Clusters of supports are poised between ₹449 and ₹440. A fall below ₹440 is less likely. The stock can test ₹470 in a week or two. A decisive break above ₹470 can see Hindalco Industries targeting ₹510 on the upside over the next four weeks or so. Traders can go long now and accumulate at ₹450. Keep a stop-loss at ₹437. Trail the stop-loss up ₹462 as soon as the stock moves up to ₹468. Move the stop-loss further up to ₹475 when the stock touches ₹490 on the upside. Book profits at ₹505.
The recommendations are based on technical analysis. There is risk of loss in trading.