Hindalco has resistance at Rs 70: Agarwal

Sanjeev Agarwal, Head-Equity of Globe Capital Market is of the view that Hindalco has resistance at Rs 70.

Agarwal told CNBC-TV18, " In a current scenario all the dips like what you are getting today or maybe a little bit extended if you might get it till tomorrow also but after that the market should be positive and we should be taking a buy call on Hindalco. So this share had been beaten down very squarely in the backdrop of the metal price meltdown but now I feel the market will consolidate and these shares will also recover like as far as the Hindalco goes, I would just like to mention one of the level, which is having a strong resistance level like somewhere around Rs 70. If it is able to cross Rs 70 like we will be seeing a level somewhere close to Rs 90 odd. So that has been a very strong resistance around Rs 70, so Rs 70 has to be crossed for Hindalco to resume its uptrend."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.

Source: Moneycontrol