Sell Tata Steel, advises Kunal Bothra

Kunal Bothra of LKP told CNBC-TV18, "Tata Steel has broken out with a downward triangle pattern, it is called the descending triangle. It had a base around Rs 341-342. My sense is that it has opened a fresh leg on the downside and the first target which I could see atleast in the very short-term is around Rs 320 odd levels, so Tata Steel is a sell. One could look at a stoploss of Rs 350 and target of Rs 320."

The share touched its 52-week high Rs 435.40 and 52-week low Rs 195.40 on 02 January, 2014 and 07 August, 2013, respectively. Currently, it is trading 21.67 percent below its 52-week high and 74.54 percent above its 52-week low. Market capitalisation stands at Rs 33,123.30 crore.

Disclosure: Analyst has no personal holdings in the stock.