HINDALCO

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CMP: ₹263.55

BSE Code: 500440

Can I en­ter Hindalco at cur­rent lev­els?

- Paresh Shah

AVOID HINDALCO FOR NOW

Hindalco is cur­rently trad­ing at Rs 263.55. Its 52-week high/low stand at Rs 278.50/Rs 148.05 made on Oc­to­ber 23, 2017 and De­cem­ber 27, 2016, re­spec­tively. Con­sid­er­ing the weekly time frame, the stock hit its 52-week/all-time high and made a kind of dou­ble top pat­tern at the peak level. The stock has wit­nessed sub­dued though not strong correction since last two weeks. The weak­ness is sup­ported duly by huge vol­umes and the 14-pe­riod RSI neg­a­tive cross­over in the over-bought zone. Hence, we sug­gest you to avoid for now and en­ter at a fur­ther dip or else on con­fir­ma­tion of an up­trend with a break­out of the cur­rent peak.

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