Monday 3 November 2008

Hold Hindalco: Bhambwani

Technical Analyst, Vijay Bhambwani is of the view that one should hold Hindalco Industries as the stock is likely to go to more than Rs 200 levels in the coming 2-3-4 years.

Bhamwani told CNBC-TV18, "Over the last fortnight, I have been bullish and I have been recommending a buy on Hindalco. I think part of the jig saw puzzle is in the commodity’s market, I think Hindalco is also likely to derive direction from aluminium prices after touching Rs 92/kg on the MCX, aluminium is now again back to more than Rs 102-103 levels. I think the negative news that you are seeing over the large inventories in London Metal Exchange (LME) etc is clearly indicating that cyclicals are nearing absolute bottom in the down phase."

He further added, "I would advice this gentlemen not only to hold on but if his budget permits to average more at the current levels and wait for 2-3 years. I am pretty optimistic that the stock is likely to go to more than Rs 200 levels in the coming 2-3-4 years, and this would turn out to be a multi bagger for people buying at Rs 60-65 levels."

Source: Moneycontrol

Posted by Harsh at 07:00

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DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.