One of the best steel stocks in India - Hindalco began the new F&O expiry with a bearish tone by losing over 4% in the first hour of Friday's trading session.
Technically, Hindalco share price on the chart has turned bearish as highlighted by multiple patterns.
The setup would negate on breach of 50DEMA (green) which is placed at Rs 451 and the failure of the rising trendline above Rs 455.
The death-cross of the moving average on the Nifty Metal index signals the pause to the bullish momentum in the metal sector.
Hindalco, with a weightage of ~15% in the index, adds fuel to the bearish trend on Nifty Metal Index.
Bears are having an upper hand on the chart with the support placed at Rs 389-395.
On Friday, Hindalco share price ended the day 4.9% lower at Rs 415.
Hindalco has a 52-week high of Rs 636 touched on 29 March 2022 and a 52-week low of Rs 309 touched on 20 June 2022.
Among other steel stocks, Tata Steel also fell 2% on Friday while JSW Steel and Jindal Steel declined 2-4%.
I'll share more on his trend on my Telegram group. If you're interested in being part of my charting journey as I share how to create wealth from profitable trade setups, join my telegram channel - Fast Profits Daily.
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Brijesh Bhatia Research Analyst and expert chartist, is the editor of Alpha Wave Profits. Fully committed to his craft, Brijesh has mastered the art of making money by trading using technical analysis. Brijesh has an MBA from ICFAI and 16 years of experience in India's financial markets. He began his career on Dalal Street as commodities dealer and it wasn't long before he developed his own unique trading system. Brijesh worked on his trading system until it could be expected to deliver 5 units of return for every unit of risk.
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