Manoj Murlidharan of Religare Securities recommends buying Hindalco Industries and advises selling McDowell Holdings.
Manoj Murlidharan of Religare Securities told CNBC-TV18, "The first call would be on Hindalco Industries. We have seen good money coming into cement and metals and Hindalco would top the list. We have seen good buying especially in terms of fresh arbitrage, typically what foreign institutional investors (FIIs) do. So, we recommend buying that at Rs 146. We are expecting a good move of at least Rs 13-14 with a stop loss at Rs 139. The target expected on Hindalco would be somewhere close to Rs 158."
"We have a sell on McDowell Holdings. We feel there is shorting coming in and there is cash based delivery selling which has happened this month. So, there is a VWAP based selling, which will go on throughout the month. So, we advocate writing or selling. Current month future is at Rs 2,170, keep the stop loss of Rs 2,220 and we are expecting a target of close to Rs 2,090 on that," he said.The Great Diwali Discount!
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First Published on Aug 11, 2016 11:26 am