Steel Authority of India (SAIL) has resistance at Rs 114-115, says Hemant Thukral, National Head-Derivative Desk, Aditya Birla Money.
Thukral told CNBC-TV18, "Metal has been a complete outperformer now and it belongs to high beta group. In the way market is moving up, we are expecting it to positively go on moving up. Specially see the surprise in Tata Steel; everybody was expecting a lower opening that day because of the results in it but it actually started moving up and with such a high volume and high open interest day. So SAIL, Tata Steel both of them have seen huge open interest addition on the long side."
He further added, " Sterlite Ind has more seen of short covering week on week basis like Jindal Steel and Power but still the momentum is maintained in metal counters. I expect Tata Steel to go upto at least Rs 485-490 because Rs 500 is the area where call writers are very active. So I don't see it crossing that level at all. Similarly SAIL around Rs 115-114 will find resistance. So, both of these metal counters will continue to see the surge on the upside."
