Sell JSPL on bounce, says Hemen Kapadia

Hemen Kapadia of KR Choksey Securities told CNBC-TV18, "I have a sell on bounce in Jindal Steel & Power (JSPL). The stock has been on a downtrend for the last six years and it has not changed. It has been oversold for the past almost seven months and that has not changed. It is continuously making lower tops, lower bottoms. As of now, going by pure technicals, it seems more like a sell on bounce."

At 14:34 hrs Jindal Steel & Power was quoting at Rs 89.50, up Rs 1.55, or 1.76 percent. It has touched an intraday high of Rs 93.30 and an intraday low of Rs 89.