Hello All,
Today we have studied below stocks for intraday picks. We have mentioned the levels as well that can be referred for Swing trade as well.
Hindalco:
Time-frame for analysis: 1 Hour Candle chart
As you can see in the below chart, the two trend lines are there. 1st is Resistance trend line and 2nd is the support trend line.
Also, a small Support zone is mentioned at 324-325. This seem to be a good support level as well.
In today's session, the stock has broke the resistance trend line and then the same trend line now acting as a support, hence we may expect an upside movement for a short span of time. With this upside movement, the stock can show levels of 339/344 during an intraday session.
However, in case after opening up the market, if price starts moving down, then it may reach to the support zone and then bounce back on the upside to show 332 as an immediate level.
BUT, if price breaks this support zone of 324-325 then possible downside movement can be seen towards immediate level of 313 or nearer level.
The upside levels are highlighted in Green color.
The downside levels are highlighted in Brown color.
Please refer to the screenshot attached and notes mentioned on the same.
Thank you,
The Strategic Fortune team.
Disclaimer: Not for buy/sell recommendation. The information is shared based on technical analysis for study purposes. Market can be unpredictable and no one can be sure about its next move, however it's all about probability & based on historical data, we can try to predict the next moves. Concern your financial advisor before making a decision.