Avoid metal space, says Prabhat Awasthi

Prabhat Awasthi of Nomura Financial Advisory & Securities told CNBC-TV18, "We have been underweight metals. We had gone overweight metals in August last year. In November, we took out the overweight and pushed it into underweight again."

"At this point in time we are underweight metals primarily because Chinese data is weak. Secondly, stock prices have rallied to some extent. Thirdly, we have our lower macro expectations on how the dollar will continue to strengthen over a longer period of time which essentially would be negative for commodity prices. So we, at this point in time, are not suggesting buying metals as a pack. So we would recommend avoiding,” he added.