Buy JP Associates 72.50 Put, sell 65 Put: Chandan Taparia

Chandan Taparia of Anand Rathi Securities is of the view that one may buy Jaiprakash Associates 72.50 Put and sell 65 Put.

Chandan Taparia of Anand Rathi Securities told CNBC-TV18, " Jaiprakash Associates has seen the built up of short position. In the entire pervious series, the stock was flat and added open interest by more than 15 percent and price pattern is also indicating negative sign. Looking at the price pattern and the derivative data, I am expecting 5-7 percent decline in the stock. It's major support near to the Rs 70 levels and below that it can break down to Rs 65 or lower."

"The way it is making the price pattern is better to go for the bear Put Spread and buy 72.50 Put and sell 65 Put. In the entire strategy the risk is Rs 2.5 and if the stock goes down to Rs 65 then profit is around 5 points that is Rs 40,000 per lot," he said.

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