Exit JSPL, prefer Canara Bank: Sameet Chavan

Sameet Chavan of Angel Broking told CNBC-TV18, "Jindal Steel & Power has been a clear underperformer over the past 6-8 months. It has seen a massive price erosion from the levels of Rs 190-200. Chart structure does not suggest anything. There is no strength at all. It is advisable to exit this stock and probably one can switch to other stocks like Canara Bank, Bank of Baroda from public sector (PSU) banking or else Crompton Greaves which has a better chart structure. Two days back it gave a breakout from its important resistance of Rs 170-172. So, one can look to switch to Crompton Greaves or Canara Bank, Bank of Baroda, as I said."

 

At 15:05 hrs Crompton Greaves was quoting at Rs 178.65, up Rs 2.15, or 1.22 percent on the BSE.