2 HINDALCO - WEEKLY analysis

Hindalco plunged over 4% last week underperforming the broader index Nifty, which ended flat. The stock saw a significant resistance around 200 Day EMA at 114 levels and the intense selling pressure dragged to low of 102 levels last week. The stock has breached it short term moving averages and closed below the same in the last trading session; this suggest the reversal of the uptrend in the stock for short to medium term. We expect the downtrend in the stock likely to continue in the near term and the stock likely to slip toward its 52-week lows of 87-90 levels in the new few weeks. 

Points of observation

  • On daily charts, the stock is seen price crossover of its short and long term moving averages during the last week, which is a negative sign and refl ecting the low confi dence of the market participants. 
  • On weekly chart the stock just close below its 13 Week EMA indicating the reversal of the uptrend in the stock for near term. 
  • Among technical indicators, the 14-day RSI and MACD are pointing southwards indicating the downtrend likely to continue in the stock in near term.




   

Disclosure/Disclaimer and FAQ    

*If you have any questions, queries or need more explanation, leave comments below also please don't forget to LIKE my page. 




FREE SUBSCRIPTION  
 

Our commitment to you: 
we want to make money with you, not from you. We execute all trades that we share with members at our personal account. If you lose we lose too. If you profit, we profit too. Contact us at [email protected] if you have any questions. 

2 comments:

Thanks for giving your valuable inputs, TRENDGURUS

OUR EXPERTISE

We provide expert in our field. Over 5+ years of experience we will ensure that you are always getting good guidance from the top people in the industry.

Thought of the day

"The man who has minted money with both hands in the Indian stock market says wealth is important but is not the source of all happiness.", Rakesh Jhunjhuwala

SUBSCRIBE US

Latest News

1) PM Modi fires back at the opposition, forcefully defend demonetisation 2) Nirav Modi to Stay in Jail for at least 28 more days.

By Using this website\Blog, you agree to the Disclaimer provided at Disclaimer -|- Designed by Tritan Solutions Pvt. Ltd -|- Copyright © 2019 -|- All rights reserved

ERP MLM Ecommerce Algo Software Development Company in Delhi | Digital Marketing | Algorithmic Trading | Ecommerce website