Vishal B Malkan, CMT, www.malkansview.com advice traders to buy Jindal Steel & Power (JSPL) on dip.
Malkan told CNBC-TV18, “JSPL, SAIL and Hindalco - all three are at a major support, though Hindalco is one of the weakest out of three. I would say that JSPL is better than all the other two. I would like to buy on dips to Rs 460 levels and around Rs 525-530 should be a resistance. So it is slightly outperforming the other two counters - SAIL and Hindalco. Jindal Steel would be a better bet.”
He further added, “Infrastructure has been badly hammered in last few days. I would not like to bottom pick any of them. If at all markets sustains support of 5200 and starts moving up, I would like to buy stocks which are strong on the charts. Infrastructure, I would completely avoid. In case the market breaks the support then infrastructure would be a better bet to short.”
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Market technically overbought; paper supply to weigh: Dutt