Jubilant Foodworks may slip to Rs 1000, says SP Tulsian

Tulsian told CNBC-TV18, “Jubilant Foodworks, the kind of volatility or the kind of ups and downs, which we see in the stock maybe it reminds me of three-four months back when promoters sold their 2-3% stake when it used to rule at around Rs 800-900, at that time the majority of the people whether they were the technical analysts or the fundamental analysts have taken a view that if promoters are looking to exit at a level of Rs 900, there is no justification for the stock to move up.”

He further added, “I am seeing the strong trading hands into the stock. These kind of downgrade remains or keeps the stock negative for maybe few days maybe for three-four days but again it starts giving you the bounce again from that. I don’t know whether sometimes I try to compare this with TTK Prestige whether that kind of technical breakdown we may see into the stock, which fell from Rs 3,400 to as low as Rs 2,700 because that kind of weakness can only be called as a technical breakdown. So maybe that can come into the stock, stock can fall to about Rs 1,000 or so but pure on fundamental basis I am unable to accept these kinds of valuations.”