Anu Jain of IIFL Private Wealth Management feels that Hindalco Industries may slip to Rs 105.
Anu Jain of IIFL Private Wealth Management told CNBC-TV18, "Metal is still a falling knife, I wouldn't touch it because if I were to look at the Hindalco Industries chart, it broke down from this Rs 144 levels, can break down, it will touch those Rs 127-128, if it breaks that you will even see Rs 105, the chart is looking pretty weak. So though I have my reasons to be positive on a weaker chart like the PSU ones, I don't have that whether it is a Hindalco chart. Even if you see the last two-three days, Tata Steel did try to recover but if it is not being able to close intraday it goes up to Rs 238-239 but then cannot close over Rs 236. So these charts are not showing the strength to close over a point."
"They are being used as a pullback trading stock where people say, okay, yesterday because of the various reasons in the international market, people played the commodity cycle but dumb the stock at the end and went so I wouldn't still buy it as a swing called to hold for two weeks or even as an investment call as of now. I think there is a possibility of getting even 10 percent more from here. So probably at those levels we would consider," she added.
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