Exit Tata Sponge Iron, says Rajat Bose

Rajat Bose of rajatkbose.com told CNBC-TV18, "One thing is there that is on April 11 this year Tata Sponge has hit a high of Rs 900 after getting doubled and since then you will see a range bound trading activity between roughly Rs 800 and Rs 860. It is showing a distribution pattern. So I would suggest an exit from Tata Sponge rather than staying here because there are ‘n’ number of stocks that are actually showing much better up trends rather than this range bound counter, so switch."

Tata Sponge Iron ended at Rs 829.40, down Rs 1.70, or 0.20 percent on the BSE.