Go long in JP Associates: Siddharth Bhamre

Siddharth Bhamre of Angel Broking told CNBC-TV18, "In last seven-eight trading session, Jaiprakash Associates has seen huge accumulation of positions and way the prices are moving now, seems to be long positions between the levels of Rs 41 and Rs 39."

"The resistance in the stock is around Rs 42-43 levels. We believe that resistance would be breached and the moment this resistance is breached, we are expecting the stock to go in a quick succession to Rs 48-49 levels. So we are suggesting to go long at current levels, fix a stoploss of Rs 40 and target of around Rs 49 in it," he said.