Enter Hindalco near Rs 123, says Sahil Kapoor

Sahil Kapoor of Edelweiss RCM Research told CNBC-TV18, "Possibly out of all metal stocks Tata Steel is the one which has performed really well. Apart from that I think most of the other stocks were laggards, Jindal Steel & Power (JSPL) has started to pickup a little while ago. So largely the performance was driven by steel stocks whether it was JSW Steel or Tata Steel."

"I think now on the charts it is very clear that Hindalco Industries is breaking higher. It made a triangle pattern, re-tested the neckline and has started to move up. Also from a wave structure point of view I think it is quite clear that Hindalco’s next move is towards Rs 135 levels. So an entry near Rs 123 with a stoploss below Rs 115, I think one should target Rs 135-140 levels in the stock. So the move looks positive from current levels."