Bearish on JSW Steel: Ashwani Gujral

Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, in a chat with ET Now, gives his call on JSW Steel


What is the call on JSW Steel?

There has been some kind of a range breakdown in JSW. Rs 600 was a place where it often found support and it has broken down from the Rs 600 - Rs 750 range. So maybe now the next levels for JSW could be closer to Rs 450. Overall this stock seems to have made a dome type formation which is a topping out formation and these news flows are just incidental. The stock was in a downtrend. So clearly a fresh short should have been triggered today.