Jindal Steel & Power may test Rs 300-320: Kunal Bothra

Kunal Bothra, Head of Advisory at LKP told CNBC-TV18, "On the monthly chart and for the last 2-2.5 years the level of Rs 230-240 range has been a good support for Jindal Steel & Power. In terms of technicals, purely the stock is trading at a support level and probably from a contrarian perspective I would probably be a buyer in this stock provided the support holds on because the risk reward is very attractive at this point of time."

"From a JSPL perspective the approach should be a little bit cautious but the chance is that the stock may see a bounce at least to Rs 300-320 levels," he added.

Disclosure: Analyst has no personal holdings in the stock but it is possible that he may have recommended the same to his clients at LKP.