Hindalco Industries may test Rs 86: Sameet Chavan

Sameet Chavan, Technical Analyst at Angel Broking told CNBC-TV18, "We have been on Hindalco Industries from the level of Rs 78-78.50. At current level also, the stock certainly looks good. One can now shift a stoploss from the level of Rs 75 to Rs 78. Last week it gave a breakout from a resistance of Rs 79 with a rise in volumes. Looking at the momentum we expect this stock to move towards Rs 86 over the next few sessions and stoploss can be fixed at Rs 78.""If you look at Idea Cellular's chart, it is certainly finding a strong support around its 2014 lows of Rs 124-125. This stock has bounced back from those levels and is now on the verge of giving a breakout from daily 20 exponential moving average (EMA), which is placed around Rs 137. Considering the positive placement of relative strength index (RSI), we expect this move to extend towards Rs 147 over the next few sessions. Stoploss can be placed at Rs 129.70," he added."Our final recommendation would be to buy Tata Global for a target of Rs 154. Last week this stock gave up decisive breakout from its multiple resistance zone of Rs 138. On a weekly closing basis, the stock is now moving slightly higher but it can be bought on any meaningful dip probably towards Rs 140-139 for the targets of Rs 154," he said.