Buy JP Associates on declines: ICICI Direct

In a chat with ET Now, Pankaj Pandey, Head of Research, ICICI Direct, shares his trading ideas.

Do you like any of the infrastructure stocks fundamentally from a 12-month perspective?

If I have to pick any one infrastructure stock, that would be Jaiprakash Associates. As of now, we have a target price of Rs 90; however, I will not be buying this stock at current levels. There is low volume growth in cement and steel stocks, and we are not expecting great set of Q3 numbers, and there is where we will have negative reaction in most of the counters. And then we are hoping to get an opportunity to buy some of these stocks including Jaiprakash Associates.