Jaiprakash Associates has target of Rs 84: Bhamre

Jaiprakash Associates has target of Rs 84, says Siddharth Bhamre of Angel Broking. Fundamentally we have a buy on this counter with target of Rs 91.

Bhamre told CNBC-TV18, "Quite optimistic this time on Jaiprakash Associates. We have just generated a call over there. 14% of revenue come from cement space and look at what has happened to largecap cement stocks in last one month. At the same time too many short positions over there; Rs 79 is a strong resistance."
He further added, "We are anticipating at Rs 74-75 that resistance would be breached and after that the short covering rally would take it probably to much higher levels. Fundamentally also we have a buy on this counter. But right now I have a target price of Rs 84. Fundamentally we have a target price of Rs 91 in the stock."