Hindustan Zinc hits 52-week low; expected to fall further

  • The stock has been under selling pressure after the outcome of Q3 earnings and tested 52-week low on 23rd Jan 2019.
  • The stock has been consolidating near the strong support 260 level in the last three trading sessions.
  • On the derivative front, the increase in open interest is seen as a bearish sign.
  • The recent development in the stock reflects that the stock is well placed to break the major support.
  • The 283 level will play out as resistance zone for the stock.