Sell JSPL on rallies, says Hemen Kapadia

Hemen Kapadia of KRChoksey Securities told CNBC-TV18, "Along with the fundamental issues, the technical issues also do not seem to suggest anything positive except for the fact that Jindal Steel & Power (JSPL) is oversold. Now, being oversold does not mean it is going to recovery and start moving up. In fact we have been in a downtrend for the last six years since they have posted a high of almost Rs 780."He further added, "It has recently posted a fresh eight year low. As you said, one can only hope for a bounce and it is a sell on bounce. One needs to either convert it into IDFC or into Axis Bank or any other good stock. But I am not sure it makes sense to hold on to something like this because technically it is showing absolutely no signals of any revival."