Jindal Steel & Power may test Rs 155-160: Kunal Saraogi

Kunal Saraogi, CEO at Equityrush told CNBC-TV18, "At the moment, there is nothing on the charts to suggest that the Jindal Steel & Power is bottoming out at the current levels. One can hold it with a stoploss at about Rs 122-123. The stock might give you a pullback in case metals recovers globally and in India, you might see the stock going back to Rs 155-160 levels and that is a good place to exit out of this one. So Rs 160 could be a near-term target but remember to put a stoploss at Rs 122."

The share touched its 52-week high Rs 350 and 52-week low Rs 128 on 09 June, 2014 and 20 October, 2014, respectively.

Disclosure: Analyst doesn't have any personal position in the above stock.