Hindalco can touch Rs 170: Sushil Kedia

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Hindalco can touch Rs 170: Sushil Kedia

Sushil Kedia, President, ATMA feels that Hindalco can touch Rs 170.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Sushil Kedia See what other Experts & Brokerages are saying about Hindalco See messages about Hindalco

Sushil Kedia, President, ATMA feels that Hindalco can touch Rs 170.

Kedia told CNBC-TV18, "Metals are going to be producing larger bounce and move up than other names. The chart in Hindalco, though we have not moved much yet from the low, it is interesting that on the move all the way down from close to Rs 200 to this Rs 120 area, three significant bottoms are made in price. The pattern structure looks like this next move coming up on Hindalco is the one that should go close to about Rs 170. It has that potential to go out and create a bull trap by crossing past above that Rs 164 high and that is where one will again turn a contrarian if this happens. To look for a final leg of the fall on Hindalco vis-à-vis Nifty going to 4400-4300 and Hindalco coming one last time to Rs 110."

He further added, "Similarly, on Sterlite which has been beaten down, the reversal two days ago has been with a massive reversal gap. The two days of a rocketing up move suddenly changes in favour of the stock. The higher bottom on RSI shows divergence in momentum. If Rs 127 is crossed past I would be ready to see this stock going all the way upto Rs 145 irrespective of the fact that the downtrend continues to persist. In the medium run you will again see numbers closer to Rs 100 on this."

" Tata Steel has produced that good characteristic rebound up similar to Sterlite, I would say Rs 500 is what should get breached in line with what Nifty formed an irregular B wave. The new low that got formed and the stock was still part of this rally that started from here, hence, this is irregular perhaps Rs 520 odd can come on Tata Steel. These metal names are going to be out performers on the Nifty, going forward in the next 8-10 days."