Buy Hindalco Industries Ltd For Target Rs.585 - Religare Broking Ltd
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Hindalco Industries Ltd. (HINDALCO)
* Hindalco has registered a breakout from the corrective phase which continued for almost more than one and half years. The breakout has accompanied with noticeable volumes.
* The recent recovery in price has resulted into a breakout from bullish Cup and Handle price pattern as well, which coincides with 61.8% retracement level of its prior decline from 636 to 309.
* The price pattern coupled with upbeat trend of the metal index suggests bullish tone to continue. We thus recommend accumulating in the mentioned range.
Buy Hindalco Industries Ltd CMP 513; Range 513-518; SL 490; Target 585
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