Bullish on Jindal Steel: Mehraboon Irani

In a chat with ET Now, Mehraboon Irani, Nirmal Bang Securities, shares his views on Jindal Steel. Excerpts:

ET Now: Jindal Steel -- from a perspective of somebody who is a shareholder right now, how big a positive this can be and should somebody continue to remain invested?

Mehraboon Irani: I think so, I think the worst possibly for the stock is now behind us and this is definitely a very big positive for the company concerned and honestly I always rated this company little bit highly.

So, investors should hold on to the stock. Will this stock be higher than where it is today by maybe 10%, 15%, 20% more? the answer seems to be yes.

ET Now: But you would not recommend to buy at these levels?

Mehraboon Irani: If you are an investor, answer is yes because after 25% move, not many traders will have the guts to buy. Though some technical analysts may suggest that the stock has given a breakout and the worst could be behind us. So, even if I am short-term investor with some money in my pocket and ready to hold on for some time, 193 to 195 is not definitely a bad price to buy.