Avoid metal stocks: Phani Sekhar

P Phani Sekhar of Karvy Stock Broking told CNBC-TV18, "I would clearly avoid metals, both ferrous as well as non-ferrous. For the moment the reaction today might be over done in response to what you saw on non-ferrous complex. However, the larger trend cannot be ignored over at least in the medium-term which is that you have a correction going on in the commodity space and that does not seem to be ending or nearing its end anytime soon."

"While today's correction might be over done, since the prospects of larger correction in the commodity complex is still alive, the stocks have not really seen their bottom. So to that extent it is not a wise idea to get into this entire space which anyways is high beta because of the high debt that sits off their balance sheets," he said.

"These stocks might be at least 15-20 percent away from their bottom at which point in time you can evaluate looking at the global macro and how things are panning out on the commodity space. However, the short answer is right now ferrous or non-ferrous, clearly avoid metals."