Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "I am talking about Hindalco Industries and Vedanta where signs of distribution are evident, so they have not been coming in my buy list also. I think the rally in these stocks is exhausted. It is probably coming to an end not necessarily exhausted, but there is no trade on the buy side. At some point probably a deeper correction will come in, so whether it is steel or non-ferrous metals they are avoided completely."
At 09:16 hrs Hindalco Industries was quoting at Rs 192.45, up Rs 2.10, or 1.10 percent.It has touched an intraday high of Rs 192.90 and an intraday low of Rs 191.60.