Buy Tata Sponge Iron, may test Rs 850: Prakash Gaba

Prakash Gaba of prakashgaba.com told CNBC-TV18, "One can buy Tata Sponge Iron here, have a stoploss below Rs 750. Only thing is it looks like a base formation."

"The first technical target is Rs 850 and then beyond that Rs 900 zones. So looks okay to me. Just have a stoploss below Rs 750. You have got to buy it at some place and protect it with a stoploss, "he added.

At 15:14 hrs Tata Sponge Iron was quoting at Rs 822.90, up Rs 10.25, or 1.26 percent on the BSE.