Hindalco is showing one of the strongest breakout charts among the metal stocks.

$HINDALCO Chart Structure Timeframe: Daily CMP: ~₹1,060 Previous Resistance: ₹1,045–1,050 Previous Range: ₹940–1,050 Pattern: Rectangle/Base Breakout The stock spent almost 2 months consolidating between ₹940 and ₹1,050. Such prolonged sideways bases often lead to strong directional moves once resistance is overcome. Breakout Quality ⭐⭐⭐⭐⭐ This is a high-quality breakout because: ✅ Resistance has been decisively crossed. ✅ The breakout candle is large and closes near its high. ✅ Price has exited a prolonged consolidation. ✅ There are very few candles above ₹1,050, so overhead supply is limited. This is stronger than a breakout that only marginally closes above resistance. Measured Move Rectangle height: Resistance: ₹1,050 Support: ₹940 Height = ₹110 Measured target: ₹1,050 + ₹110 = ₹1,160 That becomes the first classical technical objective. If sector momentum remains strong, the stock could extend toward ₹1,200, where psychological resistance may emerge. Key Levels Immediate Support ₹1,045–1,050 (previous resistance, now expected to act as support) As long as the stock holds above this zone on a closing basis, the breakout remains valid. Upside Targets Target 1: ₹1,100 Target 2: ₹1,160 (measured move) Target 3: ₹1,200 (if momentum continues) What to Watch The ideal follow-through would be: One or two sessions of consolidation above ₹1,050, followed by another push higher. A pullback to ₹1,045–1,050 that attracts buyers would actually strengthen the bullish case by confirming the old resistance has turned into support. The setup would weaken only if price falls back below ₹1,045 on a sustained closing basis, as that would indicate a failed breakout.