Short Tata Steel around Rs 435-440: Thukral

Short Tata Steel around Rs 435-440, says Hemant Thukral, Head-Derivatives Research, SBI Capital Securities.

Thukral told CNBC-TV18, "After seeing so much shorts on Friday again you are fresh short in especially Sesa Goa, Tata Steel, Sterlite, you can add in the list. Now Tata Steel infact for the next series has already seen huge addition in 440 call. Rs 11 lakh, already added up and we have entered just a first week of the series. So I have a feeling Tata Steel has some more room on the downside and even though today is a positive opening I am not expecting Tata Steel to cross Rs 440-435 in a hurry. I think that should be a very good level to go short, the way the call writers are betting on it. You will revisit Rs 395-400 levels on Tata Steel first."
He further added, "Sesa Goa again on the back of the news, it looks slightly weak. The way the shorts have been piled up, I am not expecting any major move, infact Sterlite also seen a fresh shorts. So your problem centers are very clear banking, metals and infact IT also. So that problem still remains with the market."