Technical Analyst, Vijay Bhambwani is of the view that upsides are likely to encounter the overhead supply both on Hindalco and Nalco.

Bhambwani told CNBC-TV18, "You need to get your cues from the commodity markets. Base metals are clearly showing signs of consolidation but up moves are meeting with overhead supply and unless and until you see aluminum and copper prices actually going up on the domestic as well as the international commodity exchanges, I don’t see Hindalco and Nalco could sustain any up move. Up sides are likely to encounter the overhead supply both on Hindalco and Nalco."