IIFL is bullish on Hindalco Industries and has recommended buy rating on the stock with a target of Rs 218 in its March 9, 2011 research report.
"Hindalco Industries on the daily chart has signaled a breakout from Inverted Head & Shoulder pattern after consolidating for almost a month. The amplitude of the pattern corresponds to Rs 20, giving a conservative target of Rs 230 in the near term. The RSI has been trading with a positive crossover which supports buying argument in the counter. The daily MACD has also generated fresh buy signal which makes risk reward ratio more favorable from current levels. We advise buying stock in the range of Rs 208-209 with stop loss of Rs 204.5 for target of Rs 218,Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
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