Stock Radar: Metal stocks in focus! Why short-term traders should buy Hindalco

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Synopsis

Hindalco Industries has broken out from a three-month consolidation phase, reaching record highs in September. Experts suggest short-term traders buy on dips, targeting Rs 840 within 2-4 months. The stock is trading above key moving averages and shows bullish indicators, aligning with the broader metal sector’s strong performance.

Hindalco Industries, part of the metal & mining space, gave a breakout from 3-month consolidation to hit fresh record highs in September and the chart pattern suggests that the rally may not be over yet.Short-term traders can look to buy the stock on dips for a possible target of Rs 840 in the next 2-4 months, suggest experts.Metal stocks have been in the limelight so far in the year 2024. The S&P BSE Metal index hit a fresh 52-week high on

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