Sell metal stocks on rise, says TS Harihar, Senior VP at ICICI Securities.
Harihar told CNBC-TV18, "I would be little cautious because the bounce back that we saw on Tata Steel or Hindalco yesterday was largely driven by short covering and that applies to the market as a whole not just the metal space. I don't think that the trend seems to have turned around justify any further rise in metal prices. Let's not forget that Hindalco or Tata Steel is possibly up 400-500% over the last six months and I don't think that the global metal dynamics would justify this kind of a rise. So as far as metals are concerned the broad trading strategy has shifted from a buy on dips to a sell on rises strategy."
