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Ashu Madan, National Head of Religare advices to book profits in Tata Steel.

“We have already witnessed in the last one-year, primarily these steel prices were the major ingredient for all these steel company’s stock prices to go up. But in the last one-month what we have witnessed is they have sharply come up their highs across the globe, so they will be under pressure. Only very few companies who have very integrated raw material and in the best kind of raw material management though companies are working on that but with this kind of a price, suddenly the input costs are rising and demand has also started decreasing because of the higher price regime. So everything put together this sector will remain under pressure and plus domestically also there is some kind of a government intervention because of the inflation pressures. So I feel that a very low upside is on Tata Steel from these levels probably if somebody is holding on to it and it gaining some money. We can trade during frequent intervals either go long short at times but booking profit at these level is advisable.”

Source : MoneyControl

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