Hindalco has strong support at 109. Secondly its quarterly profits r decline, thirdly this share has strong fundamentals but it cannot go up to 150 or 200 in one or four days. First it declines at its support level and then it goes up at lower rate.
Next Resistence level is RS 22. Today this share is goes up because of market trend. There is no support or news for running this share.
Resistence level. - 100, 113, 122
Support - 104, 109
optional analyst first update yourself. novelis which was acquired by hindalco last year was in loss is now showing profit above the street estimates.isnt this news good enough to raise the price back to 150 levels
“Hindalco Industries’ Q2FY2010, standalone revenues witnessed de-growth of 13.5% YoY to Rs 4,917 crore. This was mainly due to lower Aluminum and Copper prices, which fell by 35% and 26.7% yoy, respectively. However, the rupee depreciation of 11% yoy, and increased sales volume of aluminium (up 15% yoy) and copper (up 13% yoy), helped in restricting the fall.”
“At the CMP, the stock is trading at 11.1x and 6.9x its FY2010E and FY2011E EV/EBITDA, respectively. We believe that the high inventory levels of aluminium and copper will prevent any significant price rise from the current levels.
By Angel Broking on 5 th november
| NIFTY 
