Krish Subramanyam of Asit C Mehta Investment told CNBC-TV18, "In the steel pack along with Tata Steel, JSW Steel is one stock which has been very steadily rising and the trending has been so encouraging that minor correction support seems to be emerging. So we feel that this stock would be a real long term outperformer and therefore we are suggesting bull spread in JSW Steel suggesting a buy of 1000 strike Call at around Rs 44 and correspondingly sell a 1060 strike Call at around Rs 16. So net cost comes about Rs 28 and we could keep a target of Rs 55 and a stoploss of Rs 14."
At 14:07 hrs JSW Steel was quoting at Rs 1,033.05, up Rs 39.10, or 3.93 percent. It has touched a 52-week high of Rs 1,041.30.
The share touched its 52-week high Rs 1,039.50 and 52-week low Rs 451.50 on 02 January, 2014 and 19 August, 2013, respectively. Currently, it is trading 0.62 percent below its 52-week high and 128.8 percent above its 52-week low. Market capitalisation stands at Rs 24,971.10 crore.
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