Hindalco, a winner in the long run, has broken an important support of 2005 and 2012 Low with good volume. It seems many want out. When index goes up, these scrips are almost flat and when Index goes down they fall hard...
Next support and the point of interest is 2004 low of 74. It may seem crazy conservative but what is 20% fall in an unpopular scrip... nothing. The metal sector is under immense pressure. These companies have taken-up really big projects on the balance sheet, with these huge debts and sector doing badly 20% fall is not impossible.
Next support and the point of interest is 2004 low of 74. It may seem crazy conservative but what is 20% fall in an unpopular scrip... nothing. The metal sector is under immense pressure. These companies have taken-up really big projects on the balance sheet, with these huge debts and sector doing badly 20% fall is not impossible.