Go long in Rural Electrification, Jet Airways: Siddarth Bhamre

Siddarth Bhamre of Angel Broking told CNBC-TV18, "Rural Electrification Corporation (REC) is not a stock which has shown great move as of now despite market rallying more than 700-800 points from lower levels. We are seeing good amount of consolidation, some formation of long positions and now with left out feeling in market to lot of participants who have not participated in this rally, they would be moving towards midcap stocks.""REC has good amount of shorts which are standing. It saw some long positions getting created between Rs 155 to Rs 160 odd zone. I think there is resistance at around Rs 170-172 zone and I am anticipating breakout above these levels. I am not having a very aggressive price target but I am expecting Rs 191 in this counter, fix a small stop loss of Rs 163 and go long over here," he added."We have seen phenomenal rise in airline stocks in the last six months or so. Jet Airways in the last couple of months has been retracing those upside move. We have seen correction towards retracement of 61.8 percent and 50 percent and has been consolidating and rightly so because fall in crude oil price was the reason for it to go up have been rising and now despite crude oil price staying at higher levels and USD 40 per bbl is still very good level for an airline company.""We have seen formation of long position yesterday, around 10 percent rise in open interest and stock after consolidation has been going up. Therefore, I have an aggressive target price looking at the current price. I am expecting Rs 606, fix a stop loss at Rs 521 and go long in Jet Airways."