Hindalco Industries Limited Stock Forecast

Weaker technical forecast for Hindalco Industries Limited as stock downgraded to Hold/Accumulate.
(Updated on Apr 16, 2024)

HINDALCO.NS Signals & Forecast

The Hindalco Industries Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹596.75 and ₹548.48. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 15, 2024, and so far it has fallen -0.628%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. The stock had a Golden Star Signal on Friday, June 30, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Hindalco Industries Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹511.80 and ₹510.10. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Hindalco Industries Limited finds support just below today's level at ₹511.80. If this is broken, then the next support from accumulated volume will be at ₹510.10 and ₹503.85.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹14.60 between high and low, or 2.41%. For the last week, the stock has had daily average volatility of 2.06%.

Our recommended stop-loss: ₹585.96 (-3.76%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (HINDALCO.NS) For The Upcoming Trading Day Of Thursday 18th

For the upcoming trading day on Thursday, 18th we expect Hindalco Industries Limited to open at ₹612.35, and during the day (based on 14 day Average True Range), to move between ₹592.95 and ₹624.75, which gives a possible trading interval of +/-₹15.90 (+/-2.61%) up or down from last closing price. If Hindalco Industries Limited takes out the full calculated possible swing range there will be an estimated 5.22% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹612.70 (0.63%) than the support at ₹511.80 (15.94%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Hindalco Industries Limited stock A Buy?

Hindalco Industries Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.

Current score: 0.726 Hold/Accumulate Downgraded

Predicted Opening Price for Hindalco Industries Limited of Thursday, April 18, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.