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Business News/ Opinion / Online-views/  India Infoline recommends JP Associates
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India Infoline recommends JP Associates

India Infoline recommends JP Associates

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The stock could not escape the sharp fall in the broader market and corrected from a high of Rs178 in September 2008 to a low of Rs47 in October. This was a panic bottom and the stock rallied up to the levels of Rs98 without a retest of this low.

On the daily charts, the price movements appear to have formed a higher bottom formation. In November, the stock consolidated around the newly formed support of Rs51 before rallying to the levels of Rs106. Market-wide correction brought the stock towards the levels of Rs58.

The bullish formation is confirmed after the stock gave a close above its short-term moving averages on Friday. Recent rally has been accompanied with impressive volumes.

Short-term investors should look to accumulate the stock at current levels and on dips up to the levels of Rs73 range with a stop of Rs69 for a short-term target of Rs90-93 in the coming trading sessions.

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Published: 02 Feb 2009, 09:37 AM IST
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