Tata Steel can go upto Rs 700-710: Thukral

Tata Steel can go upto Rs 700-710, says Hemant Thukral of SBI Capital Securities.

Thukral told CNBC-TV18, "In HUL, we have seen a lot of fresh shorts being pressed at higher levels and infact February series 300 call got very active. Lot of call writers have accumulated around that level. So I think HUL even on rebounce will face huge resistance around that Rs 300-310 mark."

He further added, "On the other side, Tata Steel, the rollover among all the metal stocks, is seeing the best rollovers right now. Obviously one of the reasons is that the positions have been hedged because of the FPO but the way the stock has performed, the way the price has moved up, Tata Steel has shown tremendous strength and even in the options activity, the call writers are accumulating at 700 levels. So clearly telling there is some more room on the upside for the counter and we feel that counter can go upto Rs 700-710 levels. So, Tata Steel is looking much better on the rollovers front than HUL right now."