Tata Steel a good bet in metal space: Manghnani

Manghnani told CNBC-TV18, “I am not convinced yet on Hindalco Industries , specifically the reason is that the market is not at 4,500 but the stock has made a new low. I believe it’s broken the December low. I am not sure.”

He further added, “Tata Steel will be an interesting bet. Yes, the numbers are out today but at Rs 396 it’s hitting the major 61.8% retracement of the entire move it did in January and February so I wouldn’t mind taking a punt there. Another interesting one is Sesa Goa. I think when the index was at 5,200 or so the stock was at Rs 189. Today at 4,800 the stock is still at Rs 186. So it’s not bearing too much brunt of selling in the last 300-400 points on the Nifty which suggests that maybe it’s stabilizing. Sesa Goa and Tata Steel are the bets.”