aluminum rolling company-HINDALCO heading for tgt 105.7 and 115

Hindalco Industries Ltd future chart Hindalco Industries Ltd stock is trading at 103 with 12% plus gains for the day. Stock is top gainer in nifty as well as in derivatives segment. Stock has given breakout above 95 rupee levels and heading towards targets 105.7 and 115.   After breakdown, stock has repetitively taken support around 85 and changed trend to bullish side above 95. On upside 105.7 and 115 are resistances as well as short term target zones.   Long future traders keep first target at 105.7 with trailing stop loss. Above 105.7 expect another short covering rally for target 115.   Option traders watch hindalco 105-110 and 115 call options of June expiry as buy on decline opportunity.   On monthly chart, closing above 109 means long term breakout and bullish cycle for stock. Above it expect 199 and 230 as long term targets for stock.

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Pramod Baviskar

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