HINDALCO IS BREAKING OUT FROM 4-MONTH LONG BASE TO ALL TIME HIGH

24. Sept.

HINDALCO is breaking out from a 4-month long base and is making all time high on over 2 times average volume. Momentum as measured by RSI & DMI is strong to the upside, ADX has to catchup though. Its relative strength to CNX 500 turned positive after making higher low. On the fundamentals, over the last 4 quarters both sales and EPS have been growing. The number of funds invested in the company and number of shares invested, both have risen during the last quarter. If the breakout sustains, we can see some substantial move up in the counter.

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