Hindalco Industries can test Rs 137-138, says Siddharth Bhamre, Angel Broking.
Bhamre told CNB-TV18, " I am more optimistic on Hindalco and reason being that too much short positions have been created. Stock is coming to its strong support zone of Rs 120-123. So I wouldn't like to short that stock at these lower levels. At the same time as I mentioned that short positions are there, our view on market is 5200 is coming soon. So you might see a short covering bounce. So probably not a very big move but Hindalco can go back again to say Rs 138-137 odd levels where it touch some time back. I would trade with positive buys over there."
He further added, "Sterlite I am not that much confident because support levels are much lower than what it is currently quoting at. So that I would avoid and Tata Steel again the call options liquidity is quite high but I would like to trade in November rather than in October for Tata Steel ."
