Shares of Hindalco Ltd was up 3% during morning trading session today and has been on bull run for four consecutive trading session. This bull run has gained further momentum post announcement made by company last Friday regarding Board meeting to be held on 10.05.2018 when the board will consider final recommendations for dividends on equity shares and standalone & consolidated Audited financial results of the company for 4th quarter and financial year which ended of 31.03.2018.
RSI indicator which is used to measure the momentum of stock based on speed of change in stock price regardless of direction in which price moves is currently in range of 47 to 71 as the signal line continues to move well inside overbought region across intra-day, daily, weekly and monthly charts supportive of upward momentum in near future trading session.
Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra day and daily charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 226.10 and 242.74 respectively.