 Sell metal stocks on rise: HariharPublished on Thu, Nov 05, 2009 at 11:36 | Source : CNBC-TV18 Updated at Thu, Nov 05, 2009 at 13:59 Like this story, share it with millions of investors on M3
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."
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