Short SAIL, advises Siddharth Bhamre

Siddharth Bhamre of Angel Broking told CNBC-TV18, "Steel Authority of India (SAIL) has gone up significantly in the last three-four expiries but without much of addition of open interest. If one looks at the open interest data in SAIL, it has reduced substantially and we have not seen any positives coming, at least for this company. We are seeing that Rs 71-72 is a strong resistance for this counter and very light in terms of open interest."

"We are suggesting that at current levels of Rs 71 in Futures, one can go short, fix a small stoploss of Rs 74. The correction is not very huge but one can see levels of Rs 62 in this counter. So, one can short at that this counter," he said.