Technical Analysis – Jaiprakash Associates – 06-Mar-2010
Jaiprakash Associates (Rs. 146.1) surged mid-week after its February cement shipment jumped 61 per cent. This stock was in a sideways correction in the range between Rs 125 and Rs 180 since last May. It is now reversing higher from the lower end of this trading range giving it the short-term targets of Rs 158 and Rs 180. Short-term investors can hold with stop loss at Rs 140.
This stock however faces strong resistance in the band between Rs 170 and Rs 180 that is half-way up the slide recorded in 2008. Target above this is Rs 210 and the long-term view will turn positive only on a close above this level. Else we can expect some more choppy movement between Rs 100 and Rs 200 for few more months.
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