Go long in JSPL, may bounce back to Rs 79-80: Angel Broking

Siddarth Bhamre, Head Equity Derivatives at Angel Broking told CNBC-TV18, "Entire market is tracking Amtek Auto since last month. We are seeing huge formation of short positions. The stock is more or less always in market wide band limit. It is moving out of F&O, no trades over there. If you look at Jindal Steel & Power in the last five to six trading sessions, this stock has done nothing. Despite that there has been so much of weakness in market.""We are generating one short covering anticipated trade in this counter, we have, infact around Rs 67 odd levels. The stock may bounce back to Rs 79-80 odd levels. So, one can go long in this counter. The stop loss would be somewhere around Rs 63. So, this is a position trade in Jindal Steel," he said.