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Business News›Markets›Stocks›News›Stock Radar: Hindalco breaks out from Symmetrical Triangle pattern; poised for record highs
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Synopsis
Hindalco Industries stock a 52-week high in January, but failed to hold the momentum. It found support around 500 levels in March and bounced back. In terms of price action, the stock is now trading well above most of the crucial short- and long-term moving averages such as 5,10,30,50,100 and 200-DMA on the daily charts.
Hindalco Industries, a part of the metal & mining sector, rose over 10% in a month to break out from a Symmetrical Triangle Pattern on the weekly charts. This has made room for the stock to hit fresh record highs in April.Short-term traders can look to buy the stock now or on dips for a possible target of Rs 700 in 2 months, suggested experts.Hindalco stock hit a 52-week high in January, but failed to hold the momentum. However, it found support
BY
Ksh*tij Anand
ETMarkets.com
4 mins read, Last Updated:
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