HINDALCO

STOCK REVIEW

Technically,

lco is amongst the strongest-performing stocks in the metal sector. The stock has taken strong support on monthly 20 EMA with a bullish Morning Star pattern as of February 28. This price action is positive for Hindalco and indicates that in the upcoming weeks, the stock is likely to touch Rs 700 odd levels. There is no quality level of resistance in between. The strong quarterly results have helped build momentum in the stock & institutional brokerage firm CLSA revising the target upwards towards Rs 815 levels has acted as an additional trigger.