$HINDALCO - Chart Speaks

Hindalco has witnessed a strong long-term uptrend over the past year, consistently trading above its 200-day SMA, which confirms that the broader trend remains positive. However, after rallying sharply towards the 1,175–1,190 zone, the stock entered a corrective phase and witnessed profit booking. This decline dragged the price below its 20-day EMA and 50-day SMA, indicating a loss of short-term momentum. The recent correction found support near the 985–980 region, which coincides with an important demand zone and is close to the 100-day SMA. The latest candle shows a sharp rebound from lower levels, suggesting buying interest has emerged around this support area. Despite the recovery, the stock is still trading below the 20-day EMA and the key resistance zone around 1,020–1,040, indicating that bulls need further confirmation before regaining full control. Technically, the 100-day SMA near 985 acts as immediate support, followed by stronger support around 930–940. As long as the stock sustains above the 980–985 region, the medium-term structure remains constructive. On the upside, a decisive move above 1,040 could trigger fresh buying momentum and open the path towards 1,090 and subsequently 1,140 levels. Failure to reclaim the 20-day EMA may keep the stock range-bound and vulnerable to another round of profit booking. Overall, Hindalco appears to be undergoing a healthy correction within a larger bullish trend. The recent bounce from the 100-day SMA is encouraging, but a close above 1,040 is required to confirm a stronger trend reversal and improve the short-term outlook. Until then, the stock may continue consolidating between 980 and 1,040 while investors watch for directional cues. $HINDALCO