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.


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