Don't buy Jindal Steel and Power: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "There is no evidence to suggest that a bottom has been formed in Jindal Steel & Power (JSPL). It is going through a relief rally for so many extraneous reasons I suppose. It could be random. I would not buy it."

"In any case, the stock needs to spend weeks to develop a base before we can even look at it," Sukhani said.
The share touched its 52-week high Rs 480.00 and 52-week low Rs 202.00 on 05 July, 2012 and 11 June, 2013, respectively. Currently, it is trading 48.41 percent below its 52-week high and 22.6 percent above its 52-week low. Market capitalisation stands at Rs 23,151.16 crore.