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Last Updated : Jan 07, 2019 01:37 PM IST | Source: Moneycontrol.com

Sell Hindalco Industries, says Dinesh Rohira

Despite its attempt to reverse the trend in the previous week, the scrip witnessed a sell-off in last four sessions which signalled a bearish sentiment.

Moneycontrol Contributor @moneycontrolcom
 
 
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Dinesh Rohira

Hindalco Industries is trading in a negative trajectory during the entire week and slipped below its crucial level of 200-days moving average placed at Rs 228, and thus witnessed a sustained sell-off throughout the week.

Although it made a decent rally after forming low of Rs 192 toward a high of Rs 259 on its six-month price chart, it failed to continue with momentum to trade in sideways direction mostly favouring bearish regime.

Despite its attempt to reverse the trend in the previous week, the scrip witnessed a sell-off in last four sessions which signalled a bearish sentiment. It formed a long bearish candlestick pattern on the weekly price chart coupled with small bearish on its daily chart.

Further, the weekly RSI stood at 41 indicating negative divergence, and MACD continued to trade below its signal line. We have a sell recommendation for Hindalco.

Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Jan 7, 2019 01:36 pm
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