Buy Hind Zinc; target Rs 109: Manoj Murlidharan Vayalar

Manoj Murlidharan Vayalar of IIFL told CNBC-TV18, "If one sees metals, right from September 2012 we are not really seeing any meaningful buying which is come into the cash market. There is shorting which is going on and the short rollovers are being carried forward."

"Now, we are seeing some stocks where there is still some cash based accumulation going on with short covering. So, Hindustan Zinc tops the bet. I guess that is a good stock. We can go long, somewhere close to Rs 100.50 on that with a stop loss of Rs 96. We are expecting Rs 109 on that at least," he said.

The share touched its 52-week high Rs 146.80 and 52-week low Rs 94 on 18 December, 2012 and 02 August, 2013, respectively. Currently, it is trading 32.02 percent below its 52-week high and 6.17 percent above its 52-week low. Market capitalisation stands at Rs 42,168.68 crore.

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