Bhamre told CNBC-TV18, "We expect a gap-up opening in Hindalco Industries. Around Rs 133-135 it is a good level to go short. It has a gap around Rs 136 which got created when it fell significantly from Rs 140 levels. I think that gap-filling exercise would take place, so there will be an opportunity at higher levels to go short with a stoploss of Rs 139 and a target of around Rs 122."
He further added, "Also if you see what has happened in dollar index and commodities, though dollar index is back to 75.09 levels, you are not seeing commodities making new highs. So we believe there is a serious demand/supply mismatch, which is happening and that would certainly result into fallen commodity prices further if dollar appreciates from current levels. So that would augur well for our strategy of going short in Hindalco."
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