Seeing more downside in SAIL and Hindalco: Sandeep Wagle

Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, www.aptartindia.com

What does one do with metals pack, particularly SAIL? After the 6% downtick in SAIL in particular or an Hindalco which is down 3%, good time to bottom fish or if you were long, is it good time to sell out even right now?

Sandeep Wagle: I see some more downside specifically in SAIL and Hindalco. Specifically talking of SAIL, I am seeing a level of somewhere around 228 to 230, possibly another 4% or 5% where someone can take a bottom fishing call, not at this level.

What would you do, I see that you have a liking for Kesoram Industries, that one for us and some other stocks, particularly India Cements...

Sandeep Wagle: Kesoram is very positive though it is a little lower than the price we have recommended. We have recommended it at the price of 410 to 405. Pattern is very positive, it closes above 410 today or tomorrow. It can have the strength to go to somewhere around 435-440. Provided the market does not tank one way that is a rider I would like to put.