Short Tata Seel, target Rs 180: Sacchitanand Uttekar

Sacchitanand Uttekar of Motilal Oswal Financial Services told CNBC-TV18, "In scenario like this it is better to short something which is already fallen and which is already in a severe downtrend. In Tata Steel the overall structure is still bearish. We expect this particular stock to move lower. The target that we are expecting is around Rs 180 in the short-term. Stop loss can be placed somewhere around Rs 214 and even at this juncture we are seeing a good bounce back and this can be utilised to create short positions for Tata Steel."At 14:17 hrs Tata Steel was quoting at Rs 212.25, up Rs 6.10, or 2.96 percent. It has touched a 52-week low of Rs 200.40.