Avoid JSW Steel and Sesa Goa: Ashwani Gujral
First you had banks involved then you had these mining companies involved, so this is just a nature of this bear market.
By 
| Updated:
| Updated: Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, talks to ET Now on JSW Steel and Sesa Goa.
How much more downside do you see on the charts for JSW Steel and Sesa Goa?
Downside can be calculated if stocks fall because of normal reasons. Once you have this scam related news, it generally tends to get a lot worse before it gets better. So Sesa Goa 250-255 is a strong support, it should get there. Again JSW Steel, this news has made it breakdown below the range it was trading in, so below basically 830, I think we should be looking at levels closer to 750 odd. So clearly you need to avoid these stocks till there is clarity and this is just next leg in the entire news flow events which have happened from last November. First you had banks involved then you had these mining companies involved, so this is just a nature of this bear market.
How much more downside do you see on the charts for JSW Steel and Sesa Goa?
Downside can be calculated if stocks fall because of normal reasons. Once you have this scam related news, it generally tends to get a lot worse before it gets better. So Sesa Goa 250-255 is a strong support, it should get there. Again JSW Steel, this news has made it breakdown below the range it was trading in, so below basically 830, I think we should be looking at levels closer to 750 odd. So clearly you need to avoid these stocks till there is clarity and this is just next leg in the entire news flow events which have happened from last November. First you had banks involved then you had these mining companies involved, so this is just a nature of this bear market.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
