Anu Jain, VP-IIFL Private Wealth Management at India Infoline is of the view that Jaiprakash Associates can come down to Rs 197, which is a support area.
Jain told CNBC-TV18, "We were underperforming when the US markets and world markets were going long; today the global cues were also negative so it seem that probably today is the day 4,400 would be tested and there is a good probability that it could get broken. That’s the reason I picked up some of the weaker stocks and they make sense to go short for the day. The only caveat being that you got Index of Industrial Production (IIP) numbers, so that’s the reason I have given some short stop losses along with it. So that in case the IIP numbers come out to be fantastic and there is a pullback, I feel that JP Associates closed about Rs 207-208 yesterday and there was a possibility of going down to support which is at about Rs 197, so that’s the reason I have given that as a short today.”
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