Sell Tata Steel; buy ONGC 210 Put: Chandan Taparia

Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "We are recommending a sell on Tata Steel. This stock has broken the consolidation range on the downside and added built up of short positions. It is also witnessing fresh Call writing and because of that selling pressure may continue. So, one can sell the stock on bounce back move with a stop loss of Rs 323 for the downside target of Rs 303." "Second trade is sell on ONGC, in fact the stock has failed to cross the immediate hurdle of Rs 215-216 levels. Overall nature of that stock is negative, better to trade with the option. One can buy 210 Put by keeping the stop loss of Rs 1.50 for the upside target of Rs 7. So, Tata Steel and ONGC are the counters which are looking weak at current level," he added.