Short JSW Steel: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "A lot of the Jindal Group companies are in bear markets and they refuse to come out of it. There was a small rally in JSW Steel and for technical traders, I think that rally was in ABC correction, a correction in an ongoing downtrend. The downtrend has resumed itself with vigour. The chances are that we will see new lows in these stocks. So it is a short selling idea and probably a longer short sell. You can use it for more than one day."

At 10:45 hrs JSW Steel was quoting at Rs 697.05, up Rs 0.45, or 0.06 percent. It has touched an intraday high of Rs 705 and an intraday low of Rs 693.

The share touched its 52-week high Rs 893.75 and 52-week low Rs 588.45 on 29 January, 2013 and 28 March, 2013, respectively. Currently, it is trading 22.01 percent below its 52-week high and 18.46 percent above its 52-week low. Market capitalisation stands at Rs 15,552.38 crore.