I had bought Hindalco when it started its downturn. Can I average now?
- Meenal Sagorkar
ENTER HINDALCO INDUSTRIES FOR AVERAGING AT CMP
Hindalco is currently trading at Rs 243.05. Its 52-week high/low stand at Rs 283.95/ Rs 192.50 made on January 5, 2018 and July 23, 2018 respectively. The stock has bounced back in August and September. Considering the daily time frame, after hitting 52-week low, the stock gave a reversal Doji and thereby witnessed higher tops and higher bottoms. With this, the stock gave a downward sloping trendline breakout at Rs 244, followed by a pullback of up to 38.2% retracement of the prior upward rally, which was also its 100-day and 200-day EMA supports. The stock has bounced back and retested the trendline with rising volumes and the 14-period RSI quoting at 61, suggesting momentum.