Buy SAIL, advises Pritesh Mehta

Pritesh Mehta - Senior Technical Analyst at IIFL told CNBC-TV18, "On the daily chart Steel Authority of India (SAIL) last week gave a breakout on the upside from an inverted head and shoulder pattern. For last two weeks the stock was range bound and moving sideways between Rs 84-88 and finally it gave a break on the upside."

"The beauty of this counter is that we expect metal space to do well. The entire metal space has underperformed for last six months and SAIL and Tata Steel are the two counters which are showing signs of bottoming out. In fact they are on the verge of starting a new uptrend. So, buy SAIL for a target of Rs 96," he added.

At 14:25 hrs Steel Authority of India was quoting at Rs 87.85, down Rs 1.45, or 1.62 percent. It has touched an intraday high of Rs 90.45 and an intraday low of Rs 86.90.