JSPL is a fresh short again: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, shares his views about JSPL.

ET Now: Metal stocks, JSPL, Sterlite, Hindalco, would you initiate any kind of trades in this?

Ashwani Gujral: These guys are all bouncing back because of F&O expiry but around say 470 on JSPL, it is a fresh short again. It has broken down yesterday on fairly heavy volume. It is unlikely that it will suddenly reverse and start going higher, so a lot of stocks, which are up 5-6-7%, today up on short covering something like Fortis or Mcleod and these moves are not sustainable. Like yesterday you remember Jain Irrigation was up 10%, today it is down 6%, so chances are that these moves will not sustain.