Market experts recommend a sell on Hindalco with a target price of Rs.124 and a strict stop loss placed at Rs.105. The stock has gained 40 percent so far in the year 2016. The stock is looking bullish on the charts, said market analysts and experts.
Hindalco share price opened at Rs.119.90 on NSE today while it closed at Rs.118.05. Its market cap stands at Rs.24738.53 crore and it has an impressive book value of Rs.186.89. The 52 week high of Hindalco share price stands at Rs.124.65 (21-Jun-16) while the 52 week low is Rs.58.80 (12-Feb-16). Hindalco is a high beta stock (1.85). It is trading well above its 50-day, 100-day and 200-day moving average of Rs.101.84, Rs 89.79 and Rs 84.08, respectively. The stock is trading with a P/B of 0.64 and P/E of 37.28.
Hindalco is amongst the Top 500 Shares recognised by Dynamic Levels Research team and market analysts at the end of every quarter out of the 1700 Shares which are listed on National Stock Exchange (NSE). According to the Dynamic Levels Research team, the major resistance of Hindalco share price stands at Rs. 124.50 while the major support reads at Rs.115.90.
Hindalco focuses on aluminium downstream with presence across rolled products, foil and packaging segments and extrusions. Their rolled products plants are located at Belur near Kolkata, Hirakud in Odisha, Mouda near Nagpur in Maharashtra, Taloja near Mumbai in Maharashtra and Renukoot in Uttar Pradesh. Their extrusion plants are located at Alupuram, Kerala and Renukoot, Uttar Pradesh. Their three modern and well-equipped foil facilities are located at Silvassa in Dadra, Mouda near Nagpur in Maharashtra and Nagar Haveli and Kollur in Andhra Pradesh.
The life time high for Hindalco share was seen at Rs.252.85 (06-Jan-11) while the life time low was recorded at Rs.36.75 (06-Mar-09). For more information on Hindalco, kindly visit Hindalco Share Price Forecast and Hindalco Share Price History.