Exit Hindalco Industries on rally, says Simi Bhaumik

Simi Bhaumik of simibhaumik.com told CNBC-TV18, "Outlook for Hindalco Industries is quite weak. The stock is showing weakness on every parameter. Short-term and mid term charts are weak. Even long-term parameters are saying that every rally should be used to go short in the stock. Since the stock is approaching a major support area around Rs 67-70, I would ask to wait with a stop loss below Rs 67.""Use any minor rally in this stock towards Rs 80 to get out. I don’t have much hope in Hindalco. Exit on rallies, Rs 80 would be the target for you on the upside if you are lucky and Rs 67 would be your stop loss," he said.