JSPL has target of Rs 500: Manghnani

Jindal Steel & Power (JSPL) has target of Rs 500, says Anil Manghnani, Modern Shares & Stock Brokers.

Manghnani told CNBC-TV18, "I think JSPL is an interesting one because if you see the metal pack many of them have moved and some of them are now even already playing major catch up role. So you saw recently Tata Steel move quite swiftly, now you are seeing Sterlite, Sesa Goa, and Hindalco all playing catch up."
He further added, "One stock that hasn’t done anything yet, its not too far from its recent lows is Jindal Steel. It's weak but suppose the stock were to move and it has a target closer to Rs 500 if it were to move, but what I would do is watch the stock right now in this fall."
"I think Rs 442 to about Rs 434 is a very important support. So if it can hold this support zone then you can expect it to play catch up like some of the other names that are already moving. So a weak stock but one can take a punt on it but with a strict stoploss maybe of Rs 430 but it is possible that it could be a dark horse that plays sort of a catch up move, although the overall setup remains pretty weak."