March 20, 2019 / 5:50 AM / 3 months ago

BUZZ-India's Hindalco hits nearly 6-week high; chart suggests more upside

** Shares of Hindalco Industries Ltd gain as much as 2.77 pct to 207.95 rupees, their highest since Feb 8

** Stock breaks above a resistance at 206.2 rupees, the 23.6 pct Fibonacci retracement level on the downtrend from Jan 5, 2018 high to Feb 15, 2019 low tmsnrt.rs/2UJCNU0

** Stock also breaks above its 50-day exponential moving average (EMA), while the 20-day EMA lent strong support last week

** A close above this 23.6 pct retracement level may lead to further price rise up to the next resistance at 221.05 rupees, the 38.2 pct retracement level

** Minor resistance is also expected at the 200-day EMA

** MACD turned positive on Tuesday and is above its signal line

** Though stock down 10.5 pct this year as of last close, while the broader NSE Index is up 6.2 pct, but it gained 127 pct in the last three years, as of Tuesday’s close, and outperformed gains of 49 pct on the NSE Index

Reporting by Gaurav Dogra

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