Rudra Murthy prefers these 5 stocks from metal space; says this on RInfra, Reliance Power

Rudra Murthy BV, MD at Vachana Investments, believes investors should not short metal stocks at present. "If you don't want to buy metal stocks, you can avoid but don't short them. From a buying point of view, some of the metal counters looked decent but you have to be stock-specific," he told Business Today on Wednesday. 

The market expert liked five stocks from the select space, which are Vedanta Ltd, JSW Steel Ltd, Jindal Steel & Power Ltd, Hindalco Industries Ltd and National Aluminium Company (Nalco) Ltd. "Vedanta has seen a strong price action. It is a clean and clear buy on charts. The stock will cross the Rs 500 zone very soon. Keep a stop loss placed at Rs 450 on a closing basis," Murthy stated.

He noted that shares of both JSW Steel and Jindal Steel are looking strong on charts as well. "These stocks have a long way to go. I won't be surprised to see JSW Steel giving a 20 per cent upward move from the current market price. It is a buy even at Rs 1,000 level. And, one can buy Jindal Steel at around Rs 960-965," he mentioned.

The market specialist added that Hindalco and Nalco also looked good at current levels from the metal space.

In response to a query on Reliance Infrastructure Ltd and Reliance Power Ltd, he advised against placing bets in these two counters for now. "I understand there could be short-term moves but I will not personally advocate putting any money into these two stocks unless you are a quick trader. If you want to still put your money, you can place 5-10 per cent of your portfolio," Murthy stated.

From the power and PSU theme, he underscored that one can look at shares of Power Finance Corporation (PFC) Ltd, REC Ltd, Power Grid Corporation of India Ltd and NTPC Ltd.