Go long on JP Associates, target of Rs 75-76: Bhamre

Siddharth Bhamre of Angel Broking told CNBC-TV18, "Correction in Jaiprakash Associates from Rs 80 to Rs 67-68 came in no time. There was huge surge in open interest, from 55-56 million contracts to 73 million contracts as on yesterday. We are seeing some cash based buying happening near that strong support of Rs 67-68 and some formation of long positions though not very huge has been seen yesterday."

Bhamre further added, "We are anticipating further formation of long positions, which would in turn trigger short covering. One can go long at current levels, though we are not expecting very huge upside, the stock can go to Rs 75-76 levels. One should fix a small stop loss somewhere around Rs 66 and go long and trade with positive bias in this."