Hindalco Industries Ltd (CMP Rs 180.35):
We recommend going short in this counter at current levels.
Technical Outlook:-
The share price of Hindalco appears to have broken down from its downward sloping trend line support.
Such a breakdown is likelyto have negative implications for the stock price.
We expect strong declines to occur in the next few sessions and believe that thetechnical set up suggests that the stock price could test the levels of Rs 173 / Rs 168.
The momentum indicators have also given asell signal.
Suggested Trading Strategy:-
Thus, Traders can take short positions at current levels with a stop loss placed above Rs 186.20 levels for the above mentionedtargets.
