Bhamre positive on SAIL, Tata Steel

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Bhamre positive on SAIL, Tata Steel

Siddharth Bhamre, Angel Broking is positive on SAIL and Tata Steel.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See previous views by Siddharth Bhamre See what other Experts & Brokerages are saying about SAIL See messages about SAIL

Siddharth Bhamre, Angel Broking is positive on SAIL and Tata Steel .

Bhamre told CNBC-TV18, "In metals, SAIL and Tata Steel, we are bullish. I expect now short covering is over in Tata Steel, you would see formation of fresh long positions. Then the heavyweights, which have not done so well, which would include Reliance, Rs 820-825 is where we are looking for in Reliance , where above which it would find difficult to go. You would see IT - Infosys and TCS have done bad in this expiry. Initial part of February series, we will see that some kind of consolidation with positive biasness would be there in IT space."

He further added, " Bharti Airtel and NTPC these stocks would probably inch up probably 3-4%, which would give a fillip to index overall and you would see probably 150 points upside in index because of these names."

"Banking, though Bank Nifty has added good amount of open interest month on month, the rollovers in terms of percentage is slightly less. If you look at November and December data, huge short positions were piled up in Bank Nifty and those got rolled over. Now those short positions are giving up and I think that's where you would see substantial upside. I think Bank Nifty can go to 10200 where it has very strong resistance that would be our point to watch out for Bank Nifty. So, that is one space where we would see some kind of a long positions getting built up, fresh positions."