Hindalco Industries corrects over 5% in four days

Hindalco Industries fell 3.11% to Rs 387.30, extending losses for the fourth trading session.

Shares of Hindalco Industries have fallen 5.36% in four trading sessions from its recent closing high of Rs 409.25 on 6 June 2022.

In the past one year, the stock rose 0.43% while the benchmark Sensex has risen 4.17% during the same period.

On the technical front, the stock's daily RSI (relative strength index) stood at 31.478. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 471.84, 509.78 and 487.54, respectively. These levels will act as crucial resistance zones in near term.

Hindalco Industries, the metals flagship company of the Aditya Birla Group, is the world's largest aluminium company by revenues, and a major player in copper. It is also one of Asia's largest producers of primary aluminium.

The company's consolidated net profit rose 99.74% to Rs 3,851 crore on 37.67% rise in net sales to Rs 55,764 crore in Q4 FY22 over Q4 FY21.

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