See 5-7% upside in Sterlite Industries: Atul Badkar

See 5-7% upside in Sterlite Industries, says Atul Badkar of Edelweiss Securities.

Badkar told CNBC-TV18, "I think across metal stocks Tata Steel, Sterlite, Sesa Goa, Hindalco – we have seen good amount of short covering. It looks like the positions aren’t very heavy right now. They seem to be little subdued but all these stocks are by and large on a bullish trend and within this entire space Hindalco stands out. I also like Sterlite Industries and from Rs 111-112 levels one can see 5-7% upmove quickly."
He further added, "The bigger question is that how does global macro turnout to be in the next few days including today’s ECB meet and going forward whatever cues you see come in globally. If they continue to remain positive, within the metal space one will see stocks move across the board particularly Sterlite, Hindalco and Tata Steel to a certain extent. There is not too much to be made out from the open interest because it’s just been three days that you have begun the settlement, so not too much to read into that but technically these stocks looks nice."