SENSEX NIFTY
Dec 06, 2012, 11.30 AM IST | Source: CNBC-TV18

Buy Tata Steel, says Ambareesh Baliga

Buy Tata Steel, says Ambareesh Baliga, Independent Analyst. I am slightly negative on IT space at this point of time. I would still look at selling Infosys, Wipro, HCL Technologies which has done decently well, he adds.

Buy Tata Steel , says Ambareesh Baliga, Independent Analyst.

Baliga told CNBC-TV18, "After being bearish on the metal space for close to a year and I had said that possibly Tata Steel could see levels of Rs 360. It saw that and from there we have seen a bounce back. Going ahead, for the next couple of months I surely see an uptick in metals. So I would look at buying Tata Steel at the current levels instead of Sesa Goa and possibly buy SAIL, which has been beaten down quite a lot."

He further added, "I have been bearish on the IT space for the last two-three quarters and I continue to maintain that stand. Looking at the order flows going ahead, that would be weak. Euro Zone still has an issue. So the December quarter results will be bad or maybe worse than what we saw in September and especially the outperformers like TCS and HCL Tech also could take a beating. So I am slightly negative at this point of time. I would still look at selling Infosys , Wipro , HCL Technologies which has done decently well. I think it is a right time to sell it off."

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