Hold Hindalco, enter GAIL: Sameet Chavan

Sameet Chavan of Angel Broking told CNBC-TV18, "Hindalco Industries is clearly trading in a downtrend. We were of the opinion that Rs 130 would act as a strong support but fortunately it didn’t happen. The stock breached important support level of Rs 130 and is now trading around Rs 114. We believe that in the near-term there is more pain left, Rs 108-110 these are the next possible levels but one can remain invested as we are seeing a strong support around Rs 105. Probably for next few days or few weeks, one may not get significant returns but if one is willing to hold for next couple of years then probably from current levels one can see a great amount of appreciation in Hindalco."

"In case one wants to switch or one wants to invest in any other stock, GAIL India is one stock he can enter at current levels. The stock has given a sharp appreciation from the lower levels of Rs 317 and is now trading around Rs 395. Last peak we witnessed a breakout from its near-term resistance levels. So I believe that GAIL can give a decent returns from current levels, Rs 425-430 are the immediate levels which we are expecting," he added.

Disclosure: Analyst may have been recommended the above stock to his clients but he doesn’t hold any personal positions.