Short Jaiprakash Associates, advises Ashish Chaturmohta

Ashish Chaturmohta of Fortune Equity Broker told CNBC-TV18, "In Jaiprakash Associates we have witnessed a strong short build up in last two-three trading sessions. Today also the stock is witnessing almost 3-4 percent addition in terms of open interest build up. Already the stock is around support level of Rs 40 but once it breaks Rs 40 levels then there can be huge liquidation."

"We expect a downside to almost Rs 36-37 levels in the stock. So, as far as JP Associates is concerned we recommend a short call with a stoploss above Rs 41. In Tata Steel we expect a good amount of long build up," he added.

Disclosure: Analyst does not have any personal holdings in the stock.