Below Rs 720, Tata Steel can test Rs 650: Thakkar

Mitesh Thakkar of Edelweiss Capital is of the view that below Rs 720, Tata Steel can test Rs 650.

Thakkar told CNBC-TV18, "For Tata Steel we are looking at a key support of Rs 720. If you were to inspect the F&O data on Friday, the delivery volumes of Tata Steel on an average day around of about 7-8 lakh shares and on Friday the stock declined on delivery volumes of 25 lakh shares with a jump of around 10 lakh shares, which is a million shares in the futures segment. So good selling is happening over there, and once it breaks Rs 720, we would probably look at Rs 650 and even lower levels."

He further added, "On Bharti, the key support level is Rs 708, and below that there could be another of a 10% downside or declines to Rs 625 which could occur. Idea will break the recent weekly low of Rs 90 and probably go down to Rs 80 which will turn to around a 15-20% downside to current levels."