Short Jindal Steel, may slip to Rs 274: Ashish Chaturmohta

Ashish Chaturmohta of Fortune Equity Brokers told CNBC-TV18, “In the metal space, counters like Jindal Steel, Tata Steel, these are looking quite weak but if one looks at Jindal Steel we have observed almost a breakdown below Rs 295 on its monthly charts and with last two settlements, what we are observing is that month on month basis there is a lot of increase in the open interest activity and that has been rolled over as short position.”

He further added, “This will continue and the stock may dip towards Rs 270-Rs 265 levels on downside but as a trading bet Rs 274 would be the target in the next 1-2 trading sessions in Jindal Steel and one can initiate a short and can keep a stop of above Rs 294 levels.”