Jaiprakash Associates Limited future today was a top loser in F&O segment. Future tumbled by almost 10% and closed at 11.55. Options side JPASSOCIAT 12.5 put options given almost 200% gains in intraday. Almost 1500 contracts traded today on NSE and there is 3% rise in open interest suggesting fresh shorts.
Technically, JPASSOCIAT future has major support around 11 rupee level. For long targets, stop loss must be below it while for the short seller if is first target zone. Stock below 11 might show deep downside up to previous lows of 8 and 9. On the upside, 12.7 and 12.95 are strong resistance zones as well as fresh short entry zones on a bounce back.