Ashu Madan, National Head of Religare advises to get out of Ispat Industries and to be in some other stock. People look for opportunities for trading or for investments just because it has corrected on from higher level and the absolute pricing is on the lower side.

Madan told CNBC-TV18, "Ispat Industries, inspite of the developments happening in the entire sector, I would not recommend to buy or hold this stock. The only probability is that because of some market movements or some spike specifically because it has corrected a lot from the highs, there could be some bounce back but my advise would be to get out of this stock and to be in some other stock. It has a huge debt on the balance sheet, the input cost rising and with the finished product prices under control - there is nothing fundamental which can affect this stock positively.

He further added, "So I am little averse to holding this stock and as it is this was one of the major momentum counters and still people look for opportunities for trading or for investments just because it has corrected on from higher level and the absolute pricing is on the lower side. But other than that I feel that there is no reason to be in this stock."

Disclosure: The analyst does not has a personal holding but may have recommended some of the stocks discussed today to his clients.