JSW Steel has support at Rs 750-780: Sharma

JSW Steel has support at Rs 750-780, says Jatinder Sharma, Partner, Equity Strategists.

Sharma told CNBC-TV18, "The stronger metal counters like Hindalco and Tata Steel are showing some kind of a breakdown from the level. JSW Steel has a strong support between Rs 750-780, so one need to take a long call. One needs to keep a stoploss below Rs 750 and take a long position in JSW Steel for a bounce back of about Rs 882 or Rs 900 levels." JSW Steel trailing 12-month (TTM) EPS was at Rs 84.93 per share. (Dec, 2010). The stock's price-to-earnings (P/E) ratio was 9.85. The latest book value of the company is Rs 421.41 per share. At current value, the price-to-book value of the company was 1.99. The dividend yield of the company was 1.14%.