Chartist Talk: Ashish Kyal shares outlook for Vedanta, Union Bank, NALCO, MCX, Hindustan Copper, IndusInd Bank after sharp rally

Ashish Kyal is the CMT, Founder and CEO of Waves Strategy Advisors,

• Friday’s closing to decide Nifty trend for coming week
• Key levels to watch out for Nifty - 25,470 – 25,850
• Strong relative momentum suggests that outperformance trend in Nifty PSU likely to persist

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According to Ashish Kyal, the CMT, Founder and CEO of Waves Strategy Advisors, Hindustan Copper is currently approaching prior swing high of Rs 575 after taking a short breather. “Break above Rs 575 can extend the rally further towards Rs 600-650 levels,” he said in an interview to Moneycontrol.

On NALCO, which gained 4.5% in last session, he is of view that as long as the stock does not see a close below prior day’s low, upside momentum is expected to continue with the upside targets of Rs 400 level or higher.

He also shared his technical outlook on Union Ban of India, Vedanta, IndusInd Bank and MCX India after their strong rally in the recent session.

On the Nifty 50, he feels Friday closing will decide trend for coming week and key levels to watch out for are 25,470 – 25,850 levels.

Do you expect the Nifty 50 to break out of the 25,600–25,900 range of the past four days on the upside?

Nifty since past 7 days has been failing to give a positive close above prior day’s high. Prices are witnessing selling pressure on upside and not able to cross above 25,850 on closing basis which is also high volume profile area. It will be important to see a close above this level by end of day on Friday which is next working day for upside breakout.

On downside, any close below 25,470 by day-end will be sign of concern. Friday closing will decide trend for coming week and key levels to watch out for are 25,470 – 25,850 levels.

The Bank Nifty has hovered around short-term moving averages over the last few days. Do you see the possibility of the banking index moving toward record highs rather than witnessing sharp selling pressure?

Bank Nifty is holding 50 period EMA (Exponential moving average) and index is currently consolidating near the EMA support in between a range of 58,800-59,800. Consistent rally in PSU banks have limited downside movement in the Index. A break above 59,800 level can open doors for the targets of 60,400 followed by 61,000 levels. While a close below 58,800 can suggest that short term top has formed.

Do you expect the record-high rally to continue in Vedanta, Union Bank of India, and MCX India?

Vedanta has hit record highs on strong rise in commodity prices. However, after a 13% rally since January 2026, RSI is overbought, so dips can be used to buy as long as there is no close below the prior day’s low, with upside targets of Rs 730 or higher over the coming months.

PSU banks continued to outperform. In the previous session, Union Bank of India surged nearly 8% post good quarterly results, forming a strong bullish candle for the first time in months. As long as the stock holds above Rs 165 level, the bias remains positive for upside targets of Rs 190 level or higher.

Since September, Multi Commodity Exchange of India (MCX India) has been protecting prior week’s low on closing basis keeping bigger trend on sides of bulls. So, as long as key support of Rs 2,180 level remains protected on the downside one can use every decline to buy with the upside target of Rs 2,600 followed by Rs 2,800 level.

Are you super bullish on Hindustan Copper and NALCO?

Global uncertainties have caused huge rally in commodities such as gold, silver, aluminium, and copper to reach all-time high levels. Hindustan copper and NALCO which are directly linked to these metals, so both companies are directly benefitting from this rally. Hindustan Copper is currently approaching prior swing high of Rs 575 after taking a short breather and now a break above the same can extend the rally further towards Rs 600-650 levels with Rs 540 followed Rs 520 as immediate support levels.

While NALCO is currently trading at the uncharted territory and has shown a sharp rally of nearly 13% within past one week. For now, as long as we do not see a close below prior day’s low, upside momentum is expected to continue with the upside targets of Rs 400 level or higher. On the downside, Rs 350 can act as an immediate support. Any break below it can result into short term profit booking.

Do you think the Nifty Auto index is done with its correction and is expected to resume its upward journey soon?

Nifty Auto index has lost most of its gains from recent rally and continued to drift lower by protecting prior day’s high on closing basis. The sector is currently standing at 50 EMA support of 27,700 level. A close below the same can accelerate further selling pressure towards 27,480 followed by 27,180 level. On the upside, a break above 28,180 can trigger short covering.

Do you see a cup-and-handle pattern breakout in IndusInd Bank? If yes, does it indicate that the rally will continue?

Yes, on the daily chart, IndusInd Bank has confirmed a breakout from a cup-and-handle pattern, followed by a successful retest, and has also moved above its prior swing high. Notably, volumes have picked up sharply for the first time since November 12, 2025, indicating strong participation and conviction in the ongoing move. As long as Rs 890 level remains protected on the downside, the rally is likely to extend further towards Rs 1,000 or higher.

Do you expect the record-high rally to continue in the Nifty PSU Bank index?

Since past one year, PSU Bank index has shown a clear outperformance as compared to Private Bank as it has surged by 30% in one year and continued to trade in a uncharted territory. This strong relative momentum suggests that the outperformance trend is likely to persist. On the upside, the index has the potential to move towards 9,000, followed by 9,200 levels, while 8,650 level remains a crucial support to watch.