Buy Tata Steel between Rs 615-620: E Mathew

Technical Analyst, E Mathew is of the view that one can buy Tata Steel at between Rs 615-620 zone.

E Mathew told CNBC-TV18, "I was really surprised by what happened in Tata Steel. I didn’t really expect that the stock would collapse. But in spite of that I would still not give up hope on Tata Steel. I would say that if one could get the stock a little lower, maybe at around Rs 615-620 zone, I would go out and venture a buy."

He further added, "Even Hindalco, the collapse from Rs 170 was very discouraging and a lot of bulls were caught on the wrong foot. But I would even say that if this market is going to participate in something like a pullback rally, I do feel that even Hindalco has got the capacity to bounce back possibly all the way up to Rs 160-165, though of course as I say that, the collapse from Rs 170 really has spoilt the chart."

Disclosure: It is safe to assume that analyst hold positions and have interest in the stocks and sectors discussed.