Hindalco Industries: Breakout from Downward Channel

Analysis:

1. Chart Pattern:

The chart shows Hindalco Industries breaking out of a downward-sloping channel. The breakout is supported by recent bullish candles, indicating strong buying momentum.



2. Key Levels:

Support: ₹595.35 acts as a key support level. The price bounced strongly from this zone.

Resistance:

Immediate resistance at ₹619.30, where the price is currently testing.

Next resistance at ₹679.80, aligning with previous swing highs.




3. Volume Analysis:

An increase in volume is visible during the breakout, suggesting participation from buyers and confirming the breakout's strength.



4. Trend Outlook:

The price has shifted from a bearish trend (downward channel) to a potential bullish continuation.

If it sustains above ₹619.30, the next target could be ₹679.80. Failure to sustain may lead to a retest of the ₹595.35 level.



5. Indicators:

The moving average (blue line) indicates an uptrend resumption.

Watch for further confirmation with RSI or MACD if available.




Conclusion:

A sustained breakout above ₹619.30 can lead to a bullish rally targeting ₹679.80.

Traders should monitor price action near key levels and ensure confirmation before entering positions.