HINDALCO 10R probable trade set up

2024年12月22日

The short-term price action for Hindalco appears to be positive, with some bullish indicators:
The stock is trading above its 20-day Simple Moving Average (SMA) of 657.
The price is in the upper range of the Bollinger Bands, suggesting strong momentum.
The MACD has generated a buy signal, although it is initial and weak.
The CCI (Commodity Channel Index) has generated a strong buy signal.
However, there are also some cautionary signs:
The RSI is generating a sell signal in the short term.
Volume-based indicators are showing selling momentum.
Medium-term Outlook
The medium-term analysis reveals a more complex picture:
The stock is trading slightly above the 200-day Moving Average, around 6521.
The zone between 652-620 is considered a crucial demand area.
The RSI on the daily timeframe shows early signs of reversal, suggesting potential bullish momentum.
Key Levels to Watch
Resistance: A critical resistance level is identified near 715. Breaking above this level could negate the existing negative trend and confirm a reversal.
Support: The 652-620 range is an important support zone. Maintaining a position above this range is crucial to prevent further selling pressure1.
Options Data
The Put-Call Ratio (PCR) for various strike prices indicates:
For the 630 strike, the PCR is 3.58, suggesting more put options are being traded relative to call options.
Higher strike prices (710, 720, 750) show lower PCR values, indicating less bearish sentiment for those levels.