Bullish on Nalco in short term: Deepak Mohoni

Deepak Mohoni, Director, trendwatchindia.com in an interview with ET Now talks about base metal stocks.

What is the call on some of these base metal stocks?

They have started moving up now but Hindalco had hit a bear market low barely a week ago. So this is a late participant in the rally. So would also be vulnerable to be probably the first one to reverse again should the rally end. That is the risks you run in these but the market is carrying most stocks up anyhow, so I would expect that even the laggard stocks of this rally should do reasonably okay along with the market.

Nalco requires perhaps one quick mention because that stock was very strong when it went ex-bonus, ex-split about 7-8 sessions ago and since then, it has turned weak. So it is going through a lot of profit taking from people who had played for that ex-bonus split. So that is for its own reasons really should bottom out sooner or later given the market conditions.