JSPL can be excellent buy above Rs 360: Bothra

Kunal Bothra of LKP is of the view that wait for a range Rs 340-360 to be broken out by Jindal Steel & Power (JSPL). If that happens then becomes a very good excellent risk reward ratio to enter.

Bothra told CNBC-TV18, "JSPL is one of the metal stocks which is clearly not finding any critical support. If you look at the long term charts also in terms of techncials it is not finding those crucial support at around Rs 353-Rs 345 but my sense is I think from an investor or probably from a medium term trader give time to the stock - probably if it ranges in Rs 340 to Rs 360 band for the next couple of weeks there is a very good chance that stock might bottom out but it is too early to call a bottom. I would probably wait for a couple of weeks, wait for a range to be broken out by JSPL. If that happens then becomes a very good excellent risk reward ratio to enter." Disclosures: No personal holdings in any of the stocks but at LKP we keep recommending these stocks to our clients.