Short Tata Steel, says Navneet Daga

Navneet Daga of KR Choksey Securities told CNBC-TV18, "The entire metals pack is behaving very barely. We believe that the data points that we are getting from China and the kind of data points that we are getting from derivates side, it looks likely that Tata Steel is heading for a downward level and on the downside we believe that somewhere near to Rs 320 it might find a support."

"Traders can initiate a short positions and one can keep a strict stoploss on the upside of Rs 349 and ride a momentum on downside towards Rs 320. The stock might see some kind of further correction and this is the best stock on the metal pack to be on the short side," he said.