HINDALCO

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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.

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