Sell Jindal Steel and Power: Parag Doctor

Parag Doctor, Head - Trading Strategies, Keynote Capital's Ltd is of the view that one can sell JSPL and keep a stoploss of Rs 330.

Doctor told CNBC-TV18, “We have a trading sell or a technical sell on Jindal Steel & Power (JSPL) for the time being. It has made a new 52 week low today and the way we trade such markets is whenever stocks are making new lows we tend to short those stocks expecting lower levels. So, that is likely to continue to at least the Rs 300 levels or so and the stop loss for that is Rs 330.” He further added, “As far as investment buying goes we would wait for higher prices above the Rs 360-370 levels which is the recent high in the stock. Unless that level is crossed investment buying is not advised. So, the shares which he is holding would become profitable only above the level which I suggested. So, it is better to hold on to them or keep a stop of Rs 300 or so. If it starts going below that then it is better to come out of the stock entirely.”