The stock of Hindalco Industries, which is on a long-term uptrend, began its latest leg of the rally in March. It started to appreciate on the back of the support at ₹500. Early this week, Hindalco Industries’ share price saw a fresh breakout hitting a record high of ₹699.5. But the price has moderated in the last two sessions. However, the overall trend is bullish, and the price drop is only a corrective one. We expect the stock to resume the rally and touch ₹720 in the near term. So, traders can buy Hindalco Industries now at ₹676 and accumulate if the price dips to ₹665. Place initial stop-loss at ₹650. When the price touches ₹700, tighten the stop-loss to ₹680. Liquidate the longs at ₹720.
Today’s Stock Recommendation: 24th May 2024
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)