Avoid metal space: N Pillai

Neppolian Pillai, Head Institutional Equity, Modern Shares & Stock Brokers is of the view that one can ignore metal space.

Pillai told CNBC-TV18, "I have looked at Gujarat NRE Coke but unfortunately metal is a sector which I feel has done with on its upmove. That is a sector, which is susceptible to a huge fell off even from here maybe Tata Steel can go down another Rs 90 or Sterlite can collapse another Rs 90. Gujarat NRE Coke is around Rs 108 and the day it breaks Rs 100, which is the strongest support for the stock, it is going to collapse right up to about Rs 84-85 levels. So that is a sector, which one would not trade long even if one wants to buy for a pullback. Metal is rather ignorable."
 
Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.