Enter IVRCL closer to Rs 60: Anu Jain

Anu Jain, Vice President, IIFL Private Wealth Management is of the view that one can enter IVRCL closer to Rs 60.

Jain told CNBC-TV18, "IVRCL has closed at Rs 61.65 and it has closed very marginally flat to positive on a day when rest of the midcaps and markets were giving up. If you look, it has got very good support at about Rs 60 - that’s also where its moving averages show a lot of support. The fact is that despite falling about 15% over the week, it’s still 19% up for the whole month. The trend is strong."
She further added, "We have seen stocks - when they move like this, they give an opportunity once to get back into it. So I think closer to that Rs 60 level - it makes sense to enter the stock. I think a pull back can take you up to about Rs 66-68 and that would be an area where the trend would actually be tested again that whether there is strength to move back above Rs 70 or not. So I think closer to Rs 60, stop loss around that range, I would buy this stock."
"This is a high risk bet. Just had a look at the open interest also in the last five minutes to see. So there was a drop in the short open interest. So that indicates that the shorts are getting out. So I think it makes a risky but good bet to play on the long side."