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Aug 21, 2012, 10.10 AM IST
Hindalco Industries is looking weak, says Sudarshan Sukhani of s2analytics.com. At Rs 108 it is now suggesting further declines. It is very difficult to say what will happen to the stock but it is not a buy.
Hindalco Industries is looking weak, says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "Hindalco Industries is a very weak looking chart and that is a pity because I own shares in Hindalco. At Rs 108 it is now suggesting further declines. It is very difficult to say what will happen to the stock but almost certainly we can say it is not a buy. We should not venture and say, ‘it has fallen so much so how can it fall more but it can."
He further added, "There is more upside to Lupin . There was a correction in the stock on back of downgrades or whatever else. But that should be treated only as a correction, around Rs 560 Lupin finds support and that support showed on Friday itself when the stock rallied. I would assume that the correction is over, the stock has found support and it should then go back to its Rs 595-600 levels eventually. The stronger stocks will remain strong."
Action in Hindalco Industries
Jun 19 2013, 16:41
- in FII View
Jun 19 2013, 12:44
- in MARKET OUTLOOK