Hindalco can go above Rs 164: Sushil Kedia

Hindalco can go above Rs 164, says Sushil Kedia, President, ATMA.

Kedia told CNBC-TV18, "On Hindalco we made that large move closer to that resistance we had around Rs 170. It has turned out from Rs 164 and it has come off quite heavily, so I think one leg of this rally is done on Hindalco and the second leg of this rally could beginning anytime now, most likely it has begun yesterday. At most again it can go past above this last high, which we formed at Rs 164."

He further added, "I am not looking at this going beyond Rs 172-173 in case this conjecture comes right in Hindalco makes one more new high. I would say do not get stuck in rising tops and rising bottom kind of thesis. There are more things to look at on charts than just rising tops and bottoms. In case Hindalco again makes that large jump from here by another Rs 40 most likely scenario then even if you do not buy Hindalco here now for trading as it gets closer to about Rs 170 you must go short. This chart of Hindalco I would say is no really having a tight and stiff resistance close to Rs 170. Over the next 10-15 days if it rises up you must go short there very heavily."

"Sterlite is not having a clear signal really speaking. For short term trade Hindalco is the best one but if one has to take a stab on Sterlite it could again mimic and come back closer to rising slightly above Rs 142, there is a large gap down which we went and also major resistance at around Rs 150. So if it gets closer to that area is where one would short