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Hindalco in a parallel channel

HINDALCO INDS (NSE:HINDALCO)  
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NSE:HINDALCO   HINDALCO INDS
Support and Resistance Trend Lines Multiple Time Frame Analysis HINDALCO hindalcolong HINDALCOBULLISH hindalcoshort hindalcotrend nifty50 BANKNIFTY hindalcotrade hindalcoindustries
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supportandresistance trendline mtfa hindalco hindalcolong hindalcobullish hindalcoshort hindalcotrend nifty50 banknifty hindalcotrade hindalcoindustries
Hindalco has been consolidating in a parallel channel for 7-8 days.

The support for the stock is near 550 levels.
If the stock gives a breakout on the upper side the achievable targets are around 600 and 620 levels.

The trade can give momentum,

Daily time frame is good as the consolidation is what we look for.
Wait for the breakout of the parallel channel and trade accordingly.

Support :- 550
Resistance :- 600, 620-23.
Penafian

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