Buy Hindalco Industries: Jitendra Panda

Aug 29, 2013, 02.08 PM IST

Jitendra Panda of Capital First Securities recommends buying Hindalco Industries. "One may keep a stoploss at Rs 100 and see the target of Rs 110," he adds.

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Buy Hindalco Industries: Jitendra Panda

Jitendra Panda of Capital First Securities recommends buying Hindalco Industries. "One may keep a stoploss at Rs 100 and see the target of Rs 110," he adds.

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Buy Hindalco Industries: Jitendra Panda

Jitendra Panda of Capital First Securities recommends buying Hindalco Industries. "One may keep a stoploss at Rs 100 and see the target of Rs 110," he adds.

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Jitendra Panda of Capital First Securities told CNBC-TV18, "We are seeing some pockets where fresh longs are coming and short covering is certainly there. We cannot deny that because closer to expiry the shorts have made their money and are covering there, people who entered in the fag end are really feeling the heat now. I believe pockets like metals and IT continues to have long positions and metals did the turnaround much earlier before the market really touched the bottom."

"Stocks like Hindalco Industries is a very good buy there; very strongly holding the Rs 98 levels. So keep the stop loss at Rs 100. So I am not seeing it going below Rs 100 now and Rs 110 could be the target. So we do see short covering happening," he said.

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