Expects further unwinding in Tata Steel: Bhamre

Siddharth Bhamre of Angel Broking expects some more unwinding pressure in Tata Steel.

Bhamre told CNBC-TV18, "We feel banking and steel stocks would come under pressure if at all market bounces from here back to 5,050 odd levels then selling if comes again in market then I think banking and steel stocks; banking because quite leveraged, huge amount of long position standing in banking, so that unwinding plus shorting would take place. As I commented about steel; most of the base metal stocks which are trading in London Metal Exchange (LME) are seeing good amount of buying interest because dollar depreciating and the prices in LME are going up but last two months steel prices in domestic markets have come down; October they came down by about Rs 500 per tonne and November they came down by Rs 1,750 per tone. I think that is now getting realised by the market."

He further added, "I feel Tata Steel has already reacted to its bad numbers and there are lot of long positions standing in Tata Steel. So there would be some unwinding which is still left over there. SAIL would be one candidate, probably we would initiate fresh shorts if market bounce back today to 5,050 and for a intraday trader I believe there would be a lot of unwinding which would take place in SAIL."