Shrikant Chouhan of Kotak Securities is of the view that one can ignore metal stocks.
Chouhan told CNBC-TV18, "We have seen smart rallies for metal stocks in the last one to one and a half month and I don't think we are going to get very strong significant returns on metal investments in coming few weeks, so it is better to ignore metal stocks. But if really someone wants to focus on metals than one can look for Jindal Steel & Power which is quoting at Rs 1600 levels, so that stock is strong bet at around Rs 1500 levels. We are again expecting the market to bounce back from current levels and can even keep a track of Steel Authority around Rs 115 levels because in that stock also we can expect Rs 130-135 on the higher side, so these stocks are looking good from the metals pack."
He further added, "On capital goods side one can look for L&T because the stock is looking very light and if it comes around Rs 950 levels or Rs 925 levels that is an excellent buy and keep a target of Rs 1,050 on higher side."
Disclosure: Analyst doesn't hold the above stocks but have recommended them to his clients.
