SAIL has resistance at Rs 82-83: Devangshu Dutta

Steel Authority of India (SAIL) has resistance at Rs 82-83, says Devangshu Dutta, Consulting Editor of Outlook

Dutta told CNBC-TV18, "SAIL hit lows earlier than the other metal stocks. If you look at SAIL it started hitting 52-week lows about 10 sessions ago; Tata Steel, JSW Steel etc have all started hitting in the last two-three days so in that sense I would say its mildly out of cycle or its mildly leading the cycle so just as you would expect Tata, JSW etc to have some sort of recovery in the next two-three sessions. SAIL is going through that process right now, there is a strong resistance at about Rs 82-83; it might bounce till those levels."