National Aluminium - A Strong play, Reverting to ATH

remains an interesting play within the metals and aluminium theme, with the company benefiting from its integrated presence across the aluminium value chain. The broader outlook for the business remains linked to aluminium prices, demand from infrastructure and manufacturing, and the continuing importance of domestic metal production. For me, the combination of an established operating base and exposure to the long-term growth in industrial and infrastructure demand keeps the fundamental story constructive, although commodity-price cycles and input costs remain important variables to monitor. Technically, the chart shows a very strong long-term uptrend, with the stock continuing to form higher highs and higher lows over the past several years. The major breakout above the ₹265 zone was particularly important, as this level had acted as a significant resistance for the earlier consolidation. After the breakout, the stock accelerated sharply and moved into the ₹400-plus territory, confirming strong momentum. The recent consolidation around ₹360–400 appears more like a pause after a substantial rally rather than an immediate reversal. I would keep ₹370 as the first important support zone, followed by ₹350–360 as a broader near-term support area. The earlier breakout level around ₹265 remains a major long-term support and would be important only in the event of a much deeper correction. On the upside, the ₹420–430 zone is the first hurdle, followed by the previous high around ₹460–470. A decisive breakout above ₹470 could potentially open the way toward ₹500 and higher. I would maintain a positive bias as long as the stock continues to hold above the recent breakout structure, while dips toward ₹370–350 could provide better risk-reward opportunities than chasing the stock after sharp upmoves.