Hindalco Industries Limited (HINDALCO) Stock - Complete Technical Analysis - Nov 27, 2024

Hindalco Stock Technical Analysis: Bearish Pressure & Key Support Levels to Watch

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. Hindalco Industries Limited (HINDALCO) stock is showing bearish signs in the short term, as the stock has recently formed a Bearish Engulfing pattern. The current price at 661.10 is well below its 52-week high and is hovering above the support levels. On the downside, support can be expected around 644, which is critical for traders to watch. If the stock breaks this level, further downside towards 602 or 496 could follow.

Looking at key technical indicators, the Relative Strength Index (RSI) at 46.23 shows the stock is in neutral territory, suggesting no immediate overbought or oversold conditions. The ADX of 20.54 confirms that the stock is in a weak trend, making it harder to predict the next big move. However, the stock is still facing strong resistance near the 670 level, which has been a key barrier recently. Should the price break above 670, the stock might rally towards the 700 mark.

Traders should be cautious as the stock has shown increased volatility, with ATR values indicating bigger price swings in the near term. Momentum indicators are showing slight positive movement, suggesting potential short-term reversals, but they aren't strong enough to reverse the downtrend. Keep an eye on the support at 644-650 and resistance at 670 for clearer trading signals. In case the price fails to break through 670, the bearish momentum could take control.