Hindalco looks good: IIFL

Hindalco Industries is looking good, says Manoj Murlidharan Vayalar, Associate Vice President-Derivatives, IIFL.

Murlidharan told CNBC-TV18, "Hindalco looks good. Right from the Rs 124 levels if you look into the cash base accumulation, lot of accumulation is happening. Need less to say the derivative side long built up is going and there was some profit booking which is happening couple of days when the Nifty was in this range of 5420-5430 and till 5340."
He further added, "But still we feel there is some buying which is happening and the cost of carry is being maintained, so buying a 160 call option which is out of the money call option at Rs 5.30, keeping a stop loss of Rs 2 and we are expecting around Rs 11 on that."