Hindalco Industries may test Rs 84-85, says Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "If you look at volumes in Tata Steel or Hindalco Industries as a matter of fact even the PSU names like SAIL, you are seeing huge volumes. So, if there is such a negative trend in market why these vulnerable names to global economy would show this kind of strength. This is probably because of anticipation that there will be a short-term weakness in dollar. It would result money flowing into some of high beta space and matter being very prominent one. So, the easiest trade of Fed policy is currency trade and which is flowing into metals also."

"In Hindalco, yesterday we saw good amount of short coverings and huge cash based volumes. We have seen some formation of long positions at lower levels also. At this point of time I am suggesting target price of Rs 84-85. I have revised my stop loss from Rs 72 to 75-74 odd levels. So, Hindalco is a preferred at this point of time. There are other metal stocks which also can do well but you will see more percentage move in Hindalco," he added.

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