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SP Tulsian, sptulsian.com advises traders to avoid JSW Steel, Tata Steel and SAIL.
Tulsian told CNBC-TV18, “I am not firstly impressed by the Tata Steel numbers. If I place four shares in that category that is ferrous steel - SAIL, JSW Steel, Tata Steel all three are positive today and the fourth player that is Jindal Steel and Power is trading negative.”
He further added, “The sector, ferrous steel seems to have bottomed out definitely I will not advised buying Tata Steel at these level. This could be short covering because on the anticipation of the bad results, the kind of results the company has posted it was expected and because of that lot of shorts have seen build up. Same thing has happened in case of Steel Authority. There also similar pattern we are seeing now probably the stock is. So, upside we are seeing in Tata Steel by about 2 percent or so may not really last for very long time because of the negative perception continuous to remain on the sector so, definitely clear avoid for all the four stocks falling in this sector.”
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