Hindalco | Breakout | Latest stock market news(3 minutes read)

Stock name: Hindalco

Pattern: Breakout

Time frame: Daily

Observation:
Hindalco after being in a downtrend had stared to consolidate and has yesterday broken out of the previous swing high resistance. However, there is a gap around 460 levels which will further act as a resistance and once the said level gets taken out decisively, we may see some good up move in this counter.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Kotak Bank gets anchor commitment from ADIA for 1 billion USD real estate fund -CNBC

2) The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 8.39% (Provisional) for the month of October 2022 (over October 2021) against 10.70% recorded in September 2022.

3) India's industrial production expanded more-than-expected in September amid a strong rebound in the mining and manufacturing sectors, data released by the NSO showed. Industrial production rose 3.1% YoY year in September, reversing a 0.7% fall in August.

4) NDTV shares hit 5% upper circuit as SEBI approves Adani Group's open offer.