Tata Steel has support at Rs 440: LKP

Bothra told CNBC-TV18, " JSW Steel was one stock which in the last interaction I mentioned a sell but unfortunately that got triggered on the upside. But now one stock which we have to watch is Tata Steel because you look at the last 2-3 weeks of pattern it’s managed to take a very significant bounce at Rs 440. I think that Rs 440 support is an extremely strong support for Tata Steel."

He further added, "There have been 3-4 times when it tried to test that Rs 440 but managed to gain back above that Rs 450 level convincingly. So its just a matter of days, you should see some sort of accumulation if the Nifty manages to break that 5250 very short term resistance these should be the first sector along with bank Nifty which should give you outperformance but at this point no point going short. Below 5150 there will be whole host of stocks and sectors which will give you negative signals but at this point wait and watch, probably if the Nifty trends above 5250 look to buy in metal stocks."