Nov 09, 2012, 04.18 PM | Source: CNBC-TV18
Buy Tata Steel at Rs 375-380, says Sudarshan Sukhani of s2analytics.com.
Sudarshan Sukhani (more)
Technical Analyst, s2analytics.com | Capital Expertise: Equity - Technical
Sukhani told CNBC-TV18, "Tata Steel is still a better buy than most of the metal stocks. In fact at Rs 425 it was poised for a big move that didn't come about and the sense was that the results will decide whether it is going to break out or not. Well apparently it is not going to breakout but I don't see Tata Steel as a short selling candidate. At lower levels Rs 375-380 it gets very strong support. So that should be buying for Tata Steel not selling at those levels, let it come there."
He further added, " State Bank of India (SBI) should stabilise where it stands now. At Rs 2050-2100 that zone provides a lot of support. We are going through a very choppy and volatile period; we just have to accept it. A lot of this price volatility has no real explanation, it’s just happening. So, SBI still remains a buy, its not a short sell at all."
" Larsen and Toubro (L&T) is a leader of the capital goods group and it’s completely given up, it’s giving a strong distribution pattern. Most other capital goods stocks are going to follow it including BHEL. So, BHEL is a short sell but not SBI."
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