JP Associates has strong support around Rs 64: Bhamre

Siddharth Bhamre of Angel Broking told CNBC-TV18, “JP Associates- we had a call around Rs 68 levels where we recommended buying around Rs 68-69 odd levels, with a target of Rs 76. Stock did oblige for couple of days. So our trailing stop loss is around Rs 72-71, which have got triggered and we are out of it. What we had seen that there are huge formation of short positions in JP Associates which have been created in May series.”

He further added, “Last Tuesday, I mentioned about how from 55 million shares the open interest has shifted to 70-73 million shares, so those short positions are still standing. I believe stock has very strong support around Rs 64-65, looks unlikely to breach that. But now we are not initiating any fresh longs at lower levels.”