The analyst cautioned that a close below its 200-DMA could trigger further downside.

Shares of Hindustan Zinc fell nearly 6% on Wednesday after about 7.2 crore shares, representing 1.71% equity, changed hands in a large block deal valued at approximately ₹3,323 crore.

At the time of writing, Hindustan Zinc shares were trading at ₹457.4.

While official confirmation is pending, Vedanta is widely believed to be the likely seller, according to market reports.

Vedanta is reportedly considering offloading Hindustan Zinc shares worth ₹7,500 crore via block transactions.

SEBI-registered analyst Anupam Bajpai noted that Hindustan Zinc's stock had been in an uptrend but started consolidating between ₹502 and ₹545, forming a rounding top chart pattern on the daily chart.

According to Bajpai, the stock closed above its 200-day moving average on June 5, 2025, after which a sharp uptrend was observed. However, consolidation resumed from June 11, and on Tuesday, the stock closed below the important support level of ₹502.

Bajpai said further downside may be seen, with the stock potentially moving towards ₹450. He added that the 200-day moving average will act as an important support, and if the stock closes below the 200-DMA, he would be further bearish.

On Stocktwits, retail sentiment was ‘bullish’ amid ‘high’ message volume.

HINDZINC sentiment and message volume as of June 18, 11.25 am IST. Source: Stocktwits.

The stock has risen 3% so far in 2025.

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