Jubilant Foodworks may test Rs 950: Abhijit Paul

Abhijit Paul of Alphative Advisors LLP told CNBC-TV18, "Jubilant Foodworks is in quite distinct and defined downtrend across all time frames. It did not play out with the market in the recent two week bounce back that we have seen."

"It makes sense to initiate a short rate in the stock in the range of Rs 1,050-1,070 using a stoploss above Rs 1,130 mark. Looking into the weekly chart, which is weak, it suggests a fact that it can inch further down towards Rs 950 mark," he said. At 15:14 hrs Jubilant Foodworks was quoting at Rs 1,046.90, up Rs 10.80, or 1.04 percent. It has touched an intraday high of Rs 1,049.35 and an intraday low of Rs 1,040. The share touched its 52-week high Rs 1,397 and 52-week low Rs 928 on 28 September, 2012 and 18 June, 2013, respectively. Currently, it is trading 25.06 percent below its 52-week high and 12.81 percent above its 52-week low. Market capitalisation stands at Rs 6,840.56 crore. Disclosure: Personally I do not hold the stock in the show but our clients may have their positions in the stock.