Short Jindal Steel & Power, says Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that one can short Jindal Steel & Power.

Sukhani told CNBC-TV18, "Jindal Steel & Power (JSPL) is not a confidence building chart and any rally in JSPL are quickly sold into. There was a mild upmove, hardly worth looking at and that collapsed on Tuesday on the back of news, but news is just one part of it. The charts are very distressing and there are lower levels coming. So, even in an ongoing uptrend it is worth shorting it especially if it rallies a bit higher today.”
At 11:18 hrs Jindal Steel & Power was quoting at Rs 331.00, up Rs 2.10, or 0.64 percent. It has touched an intraday high of Rs 332.25 and an intraday low of Rs 326.40.
The share touched its 52-week high Rs 514.55 and 52-week low Rs 321.10 on 02 May, 2012 and 12 September, 2012, respectively. Currently, it is trading 35.67 percent below its 52-week high and 3.08 percent above its 52-week low. Market capitalisation stands at Rs 30,943.00 crore.