Derivatives call on United Breweries futures by Nandish Shah, Technical & Derivatives Analyst, HDFC Securities:
Sell HINDALCO June Future at Rs 222
Stop loss of Rs 226
Target Rs 215
Rationale: We have seen short positions being built in Hindalco futures today where we have seen rise in Open Interest with price cut of 2%.
Stock price has given break down today on the daily chart by closing below the multiple bottom support line of 225 odd levels
Stock has been taking resistance around 200 day SMA since last couple of months.
Short term moving averages are trading below long term moving averages indicating bearish trend for the short to medium term.
Momentum Indicators and Oscillators like RSI and MACD are indicating weakness in the stock for the short to medium term.Disclaimer: The analyst may have positions in the stock mentioned above.