Hindalco showed an amazing move today and was up by more than 6% in single session. We turned bullish on this stock and gave it in the morning before equity markets opened. Prices still rallied by more than 3.70% above the buy price level given.
Below is the chart showing detailed analysis published in our research report –“The Financial Waves short term Update”
Hindalco 60 mins chart: (anticipated as on 01st April morning before markets opened)
Hindalco 60 mins chart: (Happened during the day on 1st April 2019)
(Below is an extract of research taken from our daily equity report)
Elliott Wave analysis:
Anticipated – “Although in the previous session Nifty traded sideways, Nifty Metal was the only sector which stayed positive throughout the session and was the major gainers amongst other sectoral indices. Similarly Hindalco closed on Friday day with a gain of 1.30%.
As shown on hourly chart, prices have been drifting higher and also the 30 periods EMA is whipsawing in the prices and hence for a clear up move to begin the upper range needs to be taken out. The channel is working really well and has continued to provide the support. A break above the upper range would take the prices towards higher levels. In short, ….break above 211 can take the prices higher towards 216-218 levels until the lower level of 201 stay protected on the downside.
Happened: The stock finally managed to break above its range and moved in sync with our expectation, making a high near 218.75 levels.
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You can also subscribe to our Intraday and Positional calls services. Today’s session we gave the following call on Intraday basis –
12.36 pm ICICIPRULI FUT BUY ABOVE 360 SL 357.7 TGT1 361.4 TGT2 363.7
12.39 pm TGT1 – ICICIPRULI FUT BUY CALL GIVEN TGT 1 ALMOST ACHIEVED AT 361.30
2.26 pm TGT2 – ICICIPRULI FUT BUY CALL GIVEN TGT 2 ACHIEVED AT 363.70
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