Hindalco Industries can test Rs 165: Manghnani

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Hindalco Industries can test Rs 165: Manghnani

Hindalco Industries can test Rs 165, says Anil Manghnani, Modern Shares & Stock Brokers.

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

Hindalco Industries can test Rs 165, says Anil Manghnani, Modern Shares & Stock Brokers.

Manghnani told CNBC-TV18, "Most of metal stocks have hit some targets, may be Hindalco has little bit left up to Rs 165, Tata Steel at Rs 470-475 has done its up move, and Sterlite may be stretches to Rs 133-134. It's a classic case across the board where more stocks have rallied from their lows and because they got so stretched down away from their 200 DMA so it snapped back. But now most of them are at their 200 DMA. The 50 day is still trading below the 200 DMA. So that all suggests that may be now they need to start coming down again."

He further added, "I am still working on my theory of 92 to 97 where the market needs to come to 5000, then may be rally to 5650-5700 and I am playing for a view that by the end of the year will actually crash back at 43-4500 and that 6300 top will probably come somewhere mid next year. So I am going a little different from what the rest of the views seem to be right now. So it's going to be a volatile year but the best of traders prefer volatility rather than just one way trend. So depends which side you want to be on I think it's going to be a volatile year still."