As long as it sustains above Rs 195, the possibility of moving on the upside is higher and it can hit Rs 270 with an ease, says Ripples Advisory of Narnolia Financial Advisors.
Hindalco Industries after hitting the peak of Rs 284 slipped near 52-week low from where chances of developing of demand are higher and it has been trading in a range-bound zone of Rs 210 and Rs 230 mark. As of now, the formation of inverted Head & Shoulder is giving cues to accumulate this stock at lower levels.
Moreover, monthly parity is seen near Rs 222 mark and breakout is expected above Rs 228 mark. The RSI also has bounced from the oversold zone and currently, it has indicated a steep rise.
As long as it sustains above Rs 195, the possibility of moving on the upside is higher and it can hit Rs 270 with an ease.
Disclaimer: The author is Head - Technical & Derivative Research at Narnolia Financial Advisors. The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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