Buy Jindal Saw at Rs 565-580: R Jain

Rajesh Jain, VP & Head R&D of SMC Global Securities is of the view that one can buy Jindal Saw near the support at Rs 565-580.

Jain told CNBC-TV18, "Jindal Saw is currently trading around Rs 587. It has seen a good consolidation at lower levels and after forming a small grounding bottom on daily charts has broken out on the higher side. One can buy it near its support of Rs 565-580 levels with a strict stoploss of Rs 540 for the next target of Rs 660 plus. This stock would be an outperformer whenever the market goes up."

Disclosure: It is safe to assume that analyst and his clients may have a position in the above stock.