The technical chart pattern suggests Hindalco share price target of ₹245 in the short term. The stock is good buy at current market price.
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Indian stock market has been in a strong uptrend. The stocks which have been languishing have also started gaining strength. The Hindalco share price has also been consolidating in a range.
The stock gave a break out from a symmetrical triangle pattern. The breakout has been on high volumes as seen in the below figure (red circles). After break out, the Hindalco share price has been sustaining above the upper trend line.
Moreover, the share prices also showed moving average crossover for 50 day and 200 day simple moving average (Read arrow)￼. This is known as golden crossover which is a bullish sign for the coming days.￼￼￼
The symmetrical triangle pattern projects a price target of Rs.245 for the Hindalco share price in the near term. The stock can be bought around current market price of Rs.210 or on decline towards 204.The stop loss for the trade can be placed below 204.
The time frame for the trade can be from 6 to 8 weeks.