Hindalco Industries Limited (HINDALCO) Stock - Complete Technical Analysis - Nov 05, 2024

Hindalco Technical Analysis: Support & Resistance Levels Explained

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. The analysis of Hindalco Industries Limited reveals a stock trading at 698, a significant distance from its recent 52-week high of 772.65. This 9.72% decline illustrates a resistance point at the high, while it remains considerably above the 52-week low of 478.15. The price movement reflects a healthy recovery over the past year, yet the stocks current ADX reading of 22.13 indicates a weak trend.

The Relative Strength Index (RSI) at 47.07 suggests that the stock is neither overbought nor oversold, leaving room for movement in either direction. The Stochastic %K value of 23.77 hints at a potential bullish reversal should momentum build. Key moving averages show that the stock is trading below both the 10-day and 20-day EMAs, at 695.35 and 704.13, respectively, suggesting a bearish sentiment in the short term.

Examining recent price action, the last five trading days revealed volatility with fluctuations and sudden price drops. The stock opened at 675.60 on November 5, dropped to a low of 674.80, and closed at 697.55 after reaching a high of 701.45, indicating potential support levels forming.

Traders should be cautious and consider monitoring for movements above the 701.45 level, as this may signal a return to a bullish trend. Conversely, a break below 675 could reinforce bearish sentiments, necessitating careful stop-loss placements to manage risks effectively.