Hindalco, ATGL: Analyst flags weak trend amid 'Death Cross' on daily charts

Sudeep Shah of SBI Securities says that the bias for Adani Total Gas stock is likely to remain weak as long as the stock trades below the ₹560-565 zone.

Disclaimer: Views and outlook in this report belong to the brokerages and analysts cited. They do not reflect the views of Business Standard. Readers are advised to exercise discretion. Hindalco and Adani Total Gas have witnessed the formation of 'Death Cross' on the daily chart in recent days. The technical term 'Death Cross' means, that the short-term 50-day moving average has slipped below the stock's long-term 200-day moving average. In general, 'Death Cross' is considered as a bearish development on the charts. Hindalco share price confirmed the formation of 'Death Cross' on October 22, while Adani Total Gas (ATGL) witnessed the bearish crossover on October 21. Hindalco has plunged over 25 per cent from its May 29 high of ₹1,176. The stock had rallied 73.5 per cent from levels of ₹678 in July 2025 to the May 2026 peak following the formation of 'Golden Cross' on the charts. The term 'Golden Cross' means the 50-DMA crossed over the 200-DMA. Meanwhile, ATGL share price has crashed nearly 38 per cent from its peak of ₹860 in May 2026. On Tuesday, in early trade, Hindalco and ATGL traded on a flat note at ₹883 and ₹533, respectively. Apart from the 'Death Cross' formation, technical analyst also flags other key parameters for a likely weak bias for these two stocks. Sudeep Shah, Head-Technical & Derivatives Research at SBI Securities says that ATGL is in a downtrend and trades below key short- and long-term moving averages. 

 

 

 Among the key momentum oscillators, Shah flags that the rising Average Directional Index (ADX) indicates bearish trend strength. Adding that, the Relative Strength Index (RSI) is in a falling mode, indicating bearish momentum. Shah sees immediate resistance for ATGL placed in the ₹560-565 zone. "As long as the stock trades below this zone, the bearish bias is likely to persist," says the analyst. Similarly, in case of Hindalco, Shah also notes that the stock is in a downtrend and trades below key moving averages. 

 

 "Hindalco trades roughly 7 per cent below its 200-day EMA. The Moving Average Convergence-Divergence (MACD) line is well below zero, reflecting bearish bias," explains the analyst. Going ahead, Shah flags that the ₹840-835 zone, which coincides with the previous swing low is likely to act as a strong support. He, however, cautions that any decisive breach below the support zone can invite further weakness in the stock.