Avoid JP Associates; it is in downtrend: Deepak Mohoni

In a chat with ET Now, Deepak Mohoni, Director, trendwatchindia.com, shares his views on the outlook of JP Associates.

JP Associates on Diwali day was at Rs 135, went to Rs 140, and is now trading at Rs 123. What's your call?

JP Associates has been gradually finding lower levels. If you look back at the start of the year, it used to be Rs 165. So, whatever efforts it has made to come anywhere near that have failed. It did have a good run-up to Diwali, but that move had started from around Rs 119. We are not far above that. It is not really looking like JP Associates is in a long term uptrend. At best, you could call it sideways but bias is a little bit down and when you have a day like today where stocks are likely to fall, this stock invariably goes down more sharply than the Sensex. So, I would not buy it at all at this stage.