Short Grasim; buy Hindalco, Reliance: Siddharth Bhamre

Siddharth Bhamre of Angel Broking recommends shorting Grasim Industries and advises buying Reliance Industries and Hindalco Industries.

Siddharth Bhamre of Angel Broking told CNBC-TV18, "We have seen cements space doing really well. One of the stocks not often spoken about is  Grasim Industries . There is good long positions which got created. The stock has outperformed in last series and now we are seeing that there might be some pressure on stock because of long unwinding. On Friday, we saw some pressure on the stock that would continue. We are suggesting to short Grasim at current market price. We have target of Rs 3,755 and stoploss is around Rs 3,925."

"We like metal space. We are recommending Hindalco Industries  that at Rs 135-140 is the accumulation zone. It is quoting some where around Rs 139-140. It is a good buy trading buy at current level. We are not expecting huge run up in Hindalco but it can bounce back to Rs 156 odd levels. So, you fix a stoploss of Rs 135 and go long," he said.

"The other largecap stock which has done well in its space in January series and which we feel that probably continue this momentum for first half of February series is Reliance Industries . The stock on Friday corrected a bit but it has now strong support around Rs 900-910 zone. We are not expecting huge rally because there is good resistance around Rs 340-360. What we are expecting that this stock may cross that resistance zone and go up, say 10-15 points and than probably stall. We have a target of Rs 970-975 in Reliance. Fix a small stoploss of Rs 895 and go long over there."

Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com

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