Hindalco not at the top of buy list: CK Narayan, Sharyans Resources

CK Narayan, President Treasury, Sharyans Resources, in an interview with ET Now, gives his views on Hindalco


What is the call on Hindalco?

As far as base metal stocks are concerned, the whole issue has become a bit in doubt because of the way the dollar charged up and all base metals actually tanked pretty badly. They have all come down into supports. There could be a bit of a rally but independently, the stock moving up seems somewhat clouded right now. I would keep a firm stop loss in this particular stock at about Rs 197 levels and would not hold onto long positions if any below Rs 197. If I am inclined to buy post results, I would actually watch the movement because the recent trend of all the stocks has been that post results no matter how strong or how strong they may have been, the prices are not really showing any inclination to move higher. I would watch the market’s reaction to results. If it sustains, then I would go long with a stop at Rs 197 but not really on the top end of my list for a buy.