Buy Hindalco between Rs 146 and Rs 151. Stoploss at Rs 136 :: HDFC Securities

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Observation: Hindalco has resumed its uptrend today after making a higher bottom around the 145 levels. The recent upmove has come after the stock has broken out of a narrow trading range between the 138 and 146 levels. The stock was trading within this range for the last few weeks. Technical indicators are giving positive signals as the stock trades above the short term (13 day SMA) and medium term (50-day SMA) moving averages. Momentum indicators like the 14-day RSI are in rising mode and not yet overbought. The 14-day RSI is above its 9-day EMA, which is a healthy signal for the stock. The Relative Strength Comparative indicator too is in rising mode, which implies that the stock is currently outperforming the Nifty index. The stock is also looking attractive on the weekly charts as it has started rising after the sharp fall seen recently. Given the positive technical set up, we believe the stock has the potential to move higher in the coming days. Our upside target is Rs.185. Our entry levels along with the stop losses are given above

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