Buy JSPL above Rs 260: Abhijit Paul

Abhijit Paul of Alphative Advisors told CNBC-TV18, "I have a long call on Jindal Steel & Power (JSPL) because of the fact that it has been in a tight range for quite some time. I sense that the Nifty probably will manage to give a short-term bounce back and JSPL is one stock which is trying to give a breakout. The buy will only come once it takes out the Rs 260 mark on the upside. If that mark doesn’t come for the rest of the week or early half of next week then probably this trade will negate itself."

"A breakout above Rs 260 is the only criteria where one can go long on JSPL. The other metal stocks per se for the day also are holding fairly okay. In such a stance I think the stock can go further up towards Rs 280. One should use a stoploss at Rs 245," he said.