Jitendra Panda upbeat on JP Associates

Jitendra Panda of Future Capital is upbeat on Jaiprakash Associates. HDIL and IVRCL are part of that sector but top is JP Associates, huge build-up of long position has happened.

Panda told CNBC-TV18, “By the nature JP Associates and HDIL are high beta stocks so they will behave compared to the market and we have been seeing the market one day down or giving continues two days down and today upside. So naturally the stocks like whether HDIL, IVRCL or JP Associates we have been seeing the trading positions getting shifted as per the market sentiments and much better. Today JP Associates and HDIL are seeing huge open interest addition on the long side. If you are a trader certainly this is a market where you have to be and for traders we do recommend for example JP Associates, we are recommending a long on that, have been recommending at lower levels also.” He further added, “But today again we are recommending long although people who have bought earlier whenever there is a fall in those markets we try to get in and in this kind of rise we try to get out. This is how high beta stocks are played by traders. You have to be fast in and fast out and among all the stocks today we have seen JP Associates building up good position so we have been recommending JP Associates. HDIL and IVRCL are part of that sector but top is JP Associates, huge build-up of long position has happened.”