Saturday, March 31, 2012

Buy Hindalco, Tata Steel: Amit Harchekar

Harchekar told CNBC-TV18, "Hindalco and Tata Steel both looks good on charts. If you look into the Hindalco it has rebounded from the good support zone of Rs 125 levels. So that projects you upside target close to Rs 136-137. Tata Steel if you look into it has been outperforming market since last couple of days despite weakness in the global markets."

He further added, "The metal stocks, especially Tata Steel was almost moving or maintaining the support levels of Rs 455. So I believe Tata Steel is likely to outperform the market but since Hindalco has fallen by almost 10% from its intermediate peak you can expect a sharp pullback close to Rs 137. So Tata Steel and Hindalco are both becoming buy. A stop loss can be placed at maybe 5% lower from the current levels. For Nifty trades since this buy signal has been emerged above 5,200 levels so as long Nifty closes above 5,200 levels I believe the trend is positive for short-term target of 5,360 and four-five days the target comes to 5,530."

No comments:

Post a Comment