Buy Nalco at a target of 445: Sandeep Wagle

Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, aptartindia.com in a chat with ET Now gives his pick from metal stocks.

Hindustan Copper, Hindustan Zinc, Nalco, Steel Authority of India and NMDC, even for a technical rebound these stocks perhaps went somewhere where they touch the bottom of the ocean. Do you see either from a technical rebound perspective or pure day trading perspective perhaps now a reversal of trend itself, Do you think the trend could be strong at this point?

For NMDC, 285 has been a very strong support. Yesterday it has closed at 295. It will require some more evidence in terms of trading beyond 300-302. We can talk of a bounce back up to 320-325 but that will be very clear it will only be a bounce back. One has to sell if you are holding delivery around there and wait for lower levels. Among the other stocks, metal space is looking very positive. Buy Nalco at a target of 445. One can buy at the current levels or up to declines up to 409 with a stop loss of 404. So Nalco is the best pick of the lot with the next four-five day time horizon.