Technical Analysis

Saturday, August 9, 2008

JP Associates

AnandRathi puts 'buy' on JP Associates; target Rs 232
6 Aug, 2008,

AnandRathi has advised buying Jaiprakash Associates at around the current price for a target of Rs 232 and a stop loss of Rs 168.

JP Associates, after a descent consolidation exhibits a trend reversal, rise in RSI from over sold zone indicates a medium term buy.

Based on the chart pattern developed to date, the stock is likely to get support around Rs.170.

The brokerage suggests accumulating more if the stock comes close to the support level. If it moves above Rs 232 level then it can even touch Rs 254 levels.
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