Sell Jindal Steel & Power: Chandan Taparia

Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "Jindal Steel & Power is not performing. Today it is down by four percent and has broken the immediate support of Rs 135. The stock is simply making lower top lower bottom formation and falling from the last three series and trading near to the four - five years low level. It is in clearly in bear grip witnessing fresh writing at all higher strike and we are expecting it to go down. So, suggesting to sell Jindal Steel, keep the stop loss of Rs 135 and expect the downside target of Rs 122."

At 14:58 hrs Jindal Steel & Power was quoting at Rs 129, down Rs 5.60, or 4.16 percent. It has touched an intraday high of Rs 133.65 and an intraday low of Rs 126.90.

Disclosure: Analyst has no personal holdings.