Sell Jindal Steel & Power, says Chandan Taparia

Chandan Taparia of Anand Rathi Securities told CNBC-TV18, "Jindal Steel & Power has been making lower-tops and lower-bottom and trading near to 52-week low. We have seen huge built up of short positions and shorts are rolling from one series to next series. So we recommending to sell JSPL. We are expecting a downside target towards Rs 98. So recommending to sell on any bounce with the stop loss of Rs 109."

At 14:24 hrs Jindal Steel & Power was quoting at Rs 101.90, down Rs 2.05, or 1.97 percent. It has touched an intraday high of Rs 104.70 and an intraday low of Rs 100.90.