Siddarth Bhamre of Angel Broking told CNBC-TV18, "Tata Steel has shown good rise from Rs 185 levels to Rs 230 plus levels but this rise was mainly because of short covering. We didn't see any formation of long positions. Now we are seeing fresh formation of short positions. The recent correction from Rs 235 to Rs 225 didn't see formation of shorts but yesterday we did see formation of shorts. So despite this stock in several months have corrected significantly and it is at much lower levels and from investment perspective we do not see significant downside but from short-term trading perspective the stock may be under pressure.""We do not have aggressive price target but from next one week perspective if someone wants to trade on this counter then Rs 209 is what we are anticipating in Tata Steel. So even at current levels one can go short and Rs 235 is the immediate resistance and that should be the stoploss for the trade and these are spot levels which I am mentioning," he added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
