Buy Tata Steel after 10-15% correction: Mehraboon Irani, Nirmal Bang Securities

In a chat with ET Now, Mehraboon Irani, Nirmal Bang Securities, shares his views on metal pack.

ET Now: What about the commodity trade the metal stocks Hindalco, Tata Steel in particular?

Mehraboon Irani: Tata Steel had a dream run in the the last 40-45 days. The stock went up very sharply from below 200 to about 300. At the present level, should one go and buy? The answer is no. But someday one needs to buy into Tata Steel and it is advisable to wait for a 10-15% correction. It is the only player in the metal pack which I like.

It was a lost opportunity when the stock was available on 200-210. The focus is on defensives versus cyclicals and rate sensitives which includes metals. So not in a great hurry to buy into them.