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.