Buy Jaiprakash Associates' 70 Put: Rikesh Parikh

Rikesh Parikh, Vice-President Markets Strategy and Product Development - Equities, Motilal Oswal Financial Services Ltd is of the view that one can buy a 70 put option of Jaiprakash Associates with a target price of around Rs 66 on the stock.

Parikh told CNBC-TV18, "We had seen Jaiprakash Associate falling down from Rs 80 all the way up to Rs 72 and it had given a bit of a move up to Rs 75, but the stock is unable to recover from the lows and it’s again returning down. One can buy a 70 put option of Jaiprakash Associates which is trading at around Rs 2.5 and on the downside look at a target price of around Rs 66 odd on the stock. Keeping a stop on the stock, if the closes over Rs 76 one can exit out of the put options.”