Rajat Bose of rajatkbose.com told CNBC-TV18, "Steel definitely is not an investment bet but the kind of overcapacities all over, you should not be buying steel for investments. However, definitely there are trading opportunities and from that perspective I have taken Tata Steel. Tata Steel, on August 25 posted a low of Rs 200 and then on September 29 revisited and posted slightly lower low of Rs 199.70. After that, it has gone into a consolidation mode. Yesterday, there was a breakout above 89-day moving average which is the key moving average to track if there is a possibility of some kind of a rally and that is happening now, that is precisely the reason I have chosen Tata Steel. I put a stop loss below Rs 239 and my targets are Rs 251 and Rs 254.50.""I was about to give a buy on Sun Pharmaceutical Industries and I have just completed writing my recommendation for that. The stop loss should be below Rs 767 and the targets are Rs 794, Rs 805 and Rs 814. Sun Pharmaceutical has given a bullish flag breakout and the targets up to Rs 815 would be pretty easy sail through," 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!
