Stay away from metal space: VK Sharma

Stay away from the metal space, says VK Sharma, HDFC Securities.

Sharma told CNBC-TV18, "I would like to stay away from the metals because I believe that they would come down and therefore even in the current scenario the USD would strengthen therefore the commodities are likely to go down."

He further added, "I have a strategy on Sterlite where I believe that 120 put which has a level at Rs 3.50 day before yesterday, I think keep a stop loss of Rs 2 and hope to make at least a Rs 5 on your trade. So you can buy the 122 put there. Similarly also consider buying a put in Tata Steel. The stock could improve from the levels at which they opened but that is more likely to happen in the banking sector as compared to metals. Metals I think can continue to go down."