Hold Hindalco Industries, advises Amit Harchekar

Amit Harchekar of A Plus Analytics told CNBC-TV18, "Hindalco Industries is going through phase of consolidation but good thing is even in recent decline we have seen good outperformance compared to Nifty. There is a strong support which is emerging in the stock at zone of Rs 74-75 which also turns out to be the 50-day moving average." "We are expecting a good recovery in Hindalco back towards Rs 94-95. I am not expecting a recovery beyond Rs 100-120. If the stock continues to remain into a bear market, but this bear market should end somewhere around Rs 95-96, so it is a hold," he said.