Sell Hindalco with stoploss above Rs 105: Finquest

MUMBAI: Finquest Securities has recommended traders to sell Hindalco with stoploss above Rs 105.

���Strong profit booking in Hindalco after 3 days of consecutive upmove has lead to a formation of Doji pattern on daily charts. Further with the high of Rs 106, Hindalco has tested the upper band of the rising channel. In view of these technical evidences, Hindalco seems likely to witness correction towards the lower band of the channel at Rs 93-91.

RSI is at over bought levels thereby supporting our bearish view. Sell Hindalco between Rs 101-102 for a target of Rs 95/93 and place stop loss above Rs 105,��� said Finquest Securities report.