Hindalco Industries Limited (HINDALCO) Stock - Complete Technical Analysis - Oct 22, 2024

Hindalco Industries Technical Analysis: Key Levels & Insights

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. In this analysis of Hindalco Industries Limited, trading around 720, we observe that the stock is experiencing some volatility. The recent high was at 772.65, which shows a significant retracement of about 6.78%. Currently, Hindalco is trading 60.50% above its 52-week low of 448.75.

Analyzing the last five trading sessions, we note a high of 745.80 and a low of 718.30 today, with an opening price of 733. The stock's closing price today is 720.25, indicating a potential bearish trend as it remains below the 10-day and 20-day EMAs, which are at 734.58 and 728.54, respectively. This suggests a resistance level near 735, which traders should monitor closely.

The Average Directional Index (ADX) at 18.29 implies a weak trend, which could lead to price indecision. The Relative Strength Index (RSI) at 49.03 further emphasizes this neutrality, indicating the stock is not in an overbought or oversold condition. Stochastic indicators are also around 46.07, supporting this neutral outlook.

For investors, this could be a time for caution. The immediate support level appears to be near 717, and any move below this could indicate further downside risk. Traders should keep an eye on the MACD and Awesome Oscillator for indications of potential momentum changes that could signal trading opportunities.