Book some profits in Nalco at Rs 182-184: Bhambwani

Technical Analyst, Vijay Bhambwani is of the view that in Nalco trader should take some money off the table probably closer to Rs 182-184.

Bhambwani told CNBC-TV18, "Nalco has a minor resistance at Rs 177 and it is already trading above that. As far as metal stocks are concerned I over the last fortnight have been positive on them especially Hindalco in the same space because I do feel there are a lot of base metals are now being traded below their marginal and actual cost of production and that situation is completely out of whack. If you have a two-year timeframe, Nalco is a buy even at present levels."

He further added, "If you are a trader probably closer to Rs 182-184, you should be taking some money off the table. If you are not long and having felt like you have missed out a rally, you can very easily wait for a decline to Rs 162-165 levels before you start nibbling into it rather than commit all your funds at one go. An Rs 110 levels, which was the recent inflection point is where I think support has been established and activated. Unless and until that is really violated with good amount of force in terms of volumes and open interest, I think the worst is over for most of these stocks."

Source: Moneycontrol