In the previous session, the market traded with positive bias and managed to hold its bullish move throughout the day.The Nifty Index closed with a net gain of 112.15 points.Technically , the index formed a Bullish candle on the chart and closed above the Middle Band Bollinger which indicates strength in the market.Hence a positive and stock specific approach is advisable for next trading day.

Look at the below research report of ‘Stocks to Buy for – Tuesday, July 06, 2021’ before the market opens.

Hindalco Industries Ltd

NSE :HINDALCO BSE :500440 Sector : Non Ferrous Metals

As shown on the daily chart, Hindalco is moving above the ‘Symmetrical Triangle Pattern’ breakout. Stock formed a strong positive candle in the previous session.Prices have been giving a break above the Ichimoku cloud which is a strong indication of a positive trend.The up move has been supported by the base and the conversion lines as both the lines are seen rising along with price.Along with this, The Relative Strength Index (RSI) on the daily chart is 56.66, which indicates bullishness.

In short, the trend for Hindalco Ltd looks to be positive for now. To continue with the up move, a break above the prior day high near 391 levels is required.If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 401 and then 410 levels as long as 377 levels hold on the downside.

Check More Analysis on HINDALCO at:Hindalco Industries Ltd