Trade Idea of The Day - Hindalco Industries Limited Target Rs. 45 - Religare Broking Ltd
Hindalco Industries Limited
BUY 29 SEP 1040 CALL Entry Range 23 – 26 Target 45 Stop Loss 14
Rationale
• On the daily chart, HINDALCO witnessed a consolidation phase after sustained bullish momentum during the August series, with resilient trading above the short-term moving averages of 20-DEMA and 50-DEMA, keeping the broader trend positive.
• From the technical perspective, the recent price consolidation near the 1020-1030 zone suggests an accumulation setup during the ongoing bullish continuation pattern.
• 14-Day RSI is hovering near the 60 mark, indicating scope for further upside without entering an overbought zone. Along with this, MACD remains supportive; although momentum has moderated, bullish bias remains intact with the sideways movement.
• Sustained trading above the 1000 zone keeps the bullish structure intact, with the upside potential of the 1100-1120 zone. A decisive breakout above the immediate hurdle can trigger fresh buying momentum towards the 1150-1170 zone, while dips towards support may be considered a buying opportunity.
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