Trade Idea of The Day - Hindalco Industries Ltd Target Rs. 40 - Religare Broking Ltd
Hindalco Industries Ltd
BUY 30 JUN 1100 CALL SELL 30 JUN 1150 CALL Entry Range 20 – 22 Target Range 40 Stop Loss 10
Rationale
• HINDALCO continued to witness strong bullish momentum as the prices sustained above its key moving averages of 20-DEMA and 50-DEMA, reflecting persistent buying interest at lower levels. The overall price structure remains positive with higher highs and higher lows formation on the daily chart.
• From the technical prospective, the prices are formed base near its 20-DEMA, indicating buy on dip in the ongoing uptrend. Momentum indicators like RSI are hovering above the 60 mark, while MACD continues to trade with a positive crossover, supporting further upside potential.
• On the derivative front call unwinding witnessed at the 1100 strike, indicating renewed bullish potential for the near term. So that trades can initiate bull call spread for the near term , where the stock prices may gradually move towards the 1150-1170 zone, while immediate support is placed near the 1060-1050 zone.
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