Hindalco has resistance at Rs 179: Anu Jain

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Hindalco has resistance at Rs 179: Anu Jain

Hindalco Industries has resistance at Rs 179, says Anu Jain of IIFL Private Wealth Management.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS Mitesh Thacker upbeat on steel stocks Hindalco Industries can test Rs 166-167: Anu Jain Hindalco may see supply at Rs 170-175: Parag Doctor Exit Hindalco Industries at Rs 160: SP Tulsian ALSO READ See previous views by Anu Jain See what other Experts & Brokerages are saying about Hindalco See messages about Hindalco Hindalco BSE | NSE 30/05/12 Are Mutual Funds betting on Hindalco?

Hindalco Industries has resistance at Rs 179, says Anu Jain of IIFL Private Wealth Management.

Jain told CNBC-TV18, "Over the last couple of days Hindalco has shown strength despite the market was kind of on a corrective move. I am aware that the market is closer to 5,300 so I would probably trade any of the metal stock with a tighter stop loss and probably I would trade any other stock."

She further added, "It's the strongest sector, which we have seen over the last two months, so it's a call which one would have to take with a tighter stop loss. So I would say its closer Rs 176, with a stop loss of about Rs 172 I would bring it to anybody's notice that Rs 179 is a resistance. But if it kind of takes that off it will probably rush towards Rs 190 level. So given the way the market is, I would probably say if there is - we are already seeing SGX slightly negative so probably use a dip to get into it with a tighter stop loss and it's definitely for the riskier trader."

At 09:37 hrs the share was quoting at Rs 176.55, up Rs 0.30, or 0.17%. Yesterday the share closed up 1.56% or Rs 2.70 at Rs 176.25. Market capitalisation stands at Rs 33,781.66 crore.