Kunal Bothra optimistic on JBF Industries, target Rs 400

Kunal Bothra of LKP Securities told CNBC-TV18, "The targets that I am looking at JBF Industries is not just from a short-term perspective, these are probably one year or 18 months kind of a time-frame which I am looking at on the stock. Looking at the pattern from 2007 to 2010 and in 2015 there have been three instances where the stock has managed to take resistance. There have been cycles which have turned in JBF industries, you have seen a two year downtrend happening from 2007, then almost a two, two and a half years kind of a downtrend from 2010 at Rs 210-211, that has been a critical benchmark for JBF Industries."

"In the last five months, we have seen a breakout of Rs 210 and then the stock corrected back to Rs 200-210 kind of a range and managed to take the bounce again. The stock is taking support on the Rs 210 and is now inching higher. So looking at the volume patterns, the price patterns, there is likely to be a very big move happening in JBF Industries which is probably going to turn out in the next six months or so. I am very optimistic on the stock and I believe our target of Rs 400 is extremely possible in the next one year to 18 months," he said.