Sell JSW Steel, target Rs 1280: Chandan Taparia

Chandan Taparia, Derivatives Analyst - Equity Research, Anand Rathi Financial Services recommends a sell rating on JSW Steel with a target price of Rs 1280 and a strict stop loss placed at Rs 1337. The stock has gained 37 per cent so far in the calendar year 2016. The stock is looking bullish on the charts.

JSW Steel is a low beta stock (0.37) and is trading well below its 50-day of Rs 1315.26, but above its 100-day and 200-day moving averages placed at Rs 1307.78 and Rs 1303.88, respectively, as per data collated by ETMarkets.com. The stock is trading with a P/E of -9.05 and P/B of 1.42.