Buy Tata Steel on dips, says Rajat K Bose

Rajat K Bose of rajatkbose.com told CNBC-TV18, "From my side, without even your asking me, I would say I am closely looking at oil and gas and metals and mineral sector for 2016 because these had been the highly underperforming sectors and Selan Exploration could be one of the stocks that might do well.""It is not that I hold the stock personally but my feeling is that the base formation is already on and there is a good possibility of a decent upsides over 2016 in this stock as well but for today Rs 228.80 should be the stoploss and Rs 235-237 where the 89-day moving average (DMA) is looking at it, it could go to those levels. Selan otherwise is a good performing stock, fundamentally good but then the oil prices - it is a structurally difficulty for it. Nothing can be done about that," he added."Today Biocon has posted a financial year 2016, FY2016 high and that means it is a calendar nine month high and since it has broken Rs 492 whereas the medium-term flat kind of a trendline, it is the cap that you see there. It has crossed that and it is sustaining above that on the back of such good news, good volumes in the market.""So there is positive enthusiasm that means there is not only good sentiment but also good effort to clear this Rs 492 kind of resistance. So I would say it is a buy and put a stoploss below Rs 490 on the close. Probably you are going to see further upside there. It is already in an intermediate uptrend and this intermediate uptrend is likely to continue.""I would buy Tata Steel at lower levels. The stock is facing a resistance because Rs 265 is a Fibonacci resistance level for it and that is why at one go, I wasn’t even expecting it to cross. However, this is the third attempt since October, so I would say on a dip, you should be buying and Rs 257 could be your stoploss for this," he said.