Jan 08, 2013, 11.28 AM | Source: CNBC-TV18
Buy Tata Steel around Rs 420, says Siddharth Bhamre, Angel Broking.
Siddarth Bhamre (more)
Head- Equity Derivatives & Technical, | Capital Expertise: F&O
Bhamre told CNBC-TV18, "In metals the momentum is continuing right from December series. If you look the way aluminum prices went up, the depreciation of dollar and formation of long positions. Even in yesterdays trading session when market was subdued stocks like Tata Steel and Sterlite Industries did see huge amount of built-up with positive price momentum."
He further added, "Momentum may continue, you might see dip of 2-3 percent here and there. You should buy in that dips, so anybody who is thinking on the street that enough is enough now metal would correct and there are so many long positions, so I would go short, may not make good money. So Tata Steel if it reverses back to Rs 420 levels again it would be a good buy. Hindalco Industries is a good buy at dips. If somebody is long continue to hold long positions and if somebody wants to enter, enter at dips, you would get long unwinding dip."