Jindal Steel has strong support at Rs 320: Madan

Ashu Madan- President - Core Client Group, Religare Securities Ltd is of the view that Jindal Steel & Power has strong support at Rs 320.

Madan told CNBC-TV18, "Currently holding is a no-brainer. The kind of significant investments they have made in other coal mining projects and obviously post correction, Rs 320 is a very strong support. If market turns around, which is in all likely giving some signals, I think the upside is not 5-7 percent, it can go to Rs 370-380 if it remains above Rs 320 levels. He further added, "So, there is no harm in waiting because the risk reward is high. If market supports and being in the space where JSPL currently is and if it remains above Rs 320, I think there is a fair chance we might get 10-15 percent upside and closer to his price he might be able to get out."