Sell Jindal Steel, GAIL India: Chandan Taparia

Chandan Taparia of Anand Rathi told CNBC-TV18, "We are continuously negative on all the metal counters including Jindal Steel & Power, Tata Steel, Steel Authority of India Ltd (SAIL) and Hindalco Industries. We are selecting to sell Jindal Steel, which is falling down after the consolidation of last 28 trading sessions. Yesterday it has broken and closed below immediate hurdle of Rs 150 and adding fresh short position, which clearly indicated that the stock is in a bear grip. From the last four-five years, the stock is continuously falling down and witnessing fresh selling pressure at every small bounce-back move, which clearly indicates that the stock has willingness to go down. We are suggesting to short Jindal Steel with a stoploss of Rs 148 for the downside target of Rs 134."

"We are also recommending to sell GAIL India. The stock has given the price breakout on the downside, it has broken the previous support of Rs 410-408 and trading below that zone, which may attract selling pressure. It is already in bear grips. The price structure clearly indicates that the stock can decline towards Rs 385 on the lower zone. So we are also suggesting a sell on GAIL with a stoploss of Rs 414 for the downside target of Rs 385," he said.

Disclosure: Analyst has no personal holdings.