Go long on Jaiprakash Associates around Rs 97-98: Harchekar

One can maintain long positions in Jaiprakash Associates around Rs 97-98, says Amit Harchekar, IIFL.

Harchekar told CNBC-TV18, "Jaiprakash Associates (JP Associates) is showing good momentum in last few days. In fact the stock has managed to take out the resistance of Rs 90 quite comfortably and the volumes are indicating that this upmove could sustain all the way towards Rs 97-98. So, again at these levels one can maintain long positions in JP Associates." He further added, "Rs 97-98 would be the level where one should be exiting longs because the oscillators are already showing an overload position but still no reversal signals. So, one need to maintain a tight stop of Rs 91.5. The moment we see that stock going below that, one should be exiting long positions."