If u look at the chart of HINDALCO (analysis based intraday only) the HINDALCO support at 351 and Target at 358 and Stop loss at 346.
The chart clearly indicates Bullish Trend you can also see the candle stick patters for more indepth analysis.
In Intraday most important thing is to enter and exit points.
Our signals are based on analytics,...
Stock is currently trading in third stage of market cycle .
1-Accumulation 2-Rally 3-Distribution 4-Rejection
currently at the peak , at the overbought zone. Has formed a broadening pattern on the top which is rejected by a overhead trendline.
Looking to short once the Chart pattern is broken and retested .
Might be a possible day trade
*Strong Resistance Line: It is already pushing the stock down
*Selling Zone: The resistance Line is pushing it to the selling zone
*Buying Zone: The buying zone is bellow the selling zone and probably might come in action
Price formed a double top pattern at major resistance level (on monthly charts). At retest of the support, price has formed a Gravestone Doji followed by Bearish Engulfing (on daily charts) both of which are negative signals. Since past 2 years corrections have been triggered from the month of January, again this cycle may be repeated
Hindalco has been testing 221 for the past few quarters and has broken out of it today finally. A rally from 80-220 that is 160 points. I would consider a 160 points rally from here as well in the next few quarters. For short term looking at 260-280 range.
Intraday Cash Sell HINDALCO @163.5-164.70 SL 167.4 TGT 157.4
Support is 162.9 once break can see more downside.
Tk cross over so sell from any rise.
RSI -> Neutral
Moving average -> Bearish
I love Trend following stocks. Weather it might be UPTREND or DOWN TREND.
BECAUSE i believe in saying '' TREND IS YOUR FRIEND ''
One of few stocks which follow the trend clearly is HINDALCO.
It started Down trend and our aim to get profit from it.
So sell at the resistance with tight stop loss.
Your humble trader
Hindalco is a classical trading stock. It follows very clear trend, weather it is uptrend or down trend.
Here Hindalco clearly shows the trend reversal.
Shorting at 185 level is good entry point.
Stop loss will be 190 level.
Look at your own risk.
Your humble trader