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Steel: Time to sell? - Views on News from Equitymaster
 
 
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  • Aug 26, 2003

    Steel: Time to sell?

    After witnessing a sharp rally in steel stocks in the recent past, we decided to conduct a poll and get our viewers opinion whether the rally in steel stocks is likely to continue or not. The results were more or less in line with our expectations and reaffirmed our belief that steel stocks are overvalued and the rally is almost over.

    The chart above displays the results of the poll, which was conducted last week. Though majority of the people (42%) voted that they would sell at the current juncture, to our surprise, a good number of people opted for the Buy and Hold options. However, we believe that at every price rise, investors would book profits in steel stocks and this would also include people who opted for the ‘hold’ option and are expecting a further rise in prices.

    Our View
    On August 20, 2003, Equitymaster had put up an article regarding what we felt and believed about the steel rally. To read the same kindly click here: Where are steel stocks headed?

    Moreover, we must point out that despite the correction witnessed in steel stocks last week, we continue to maintain our stand that the rally in steel stocks is on the verge of dying. We would like to caution our readers against the speculative activity being built up in steel stocks recently. Fundamentally, we believe that steel stocks are fully valued…and some even over-valued!

     

     

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