Book profits in the next 5-6 months for JP Associates: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Chief Market Strategist, ashwanigujral.com shares his views on various stocks.

ET Now: What is your call on JP Associates?

Ashwani Gujral: It is difficult to say. JP Associates needs to hold on to the lows that it has formed this time. Maybe the market also needs to get back towards 47-48, retest the bottom because any bottom that has been tested only once, generally is not a strong bottom. In stocks like infra and JP, we need a lot of sideways move for all the supply to settle in. This could be short covering and around 78-80 this rally should end. We need to look for sideways movement before we can call it a bottom. It has had a large rally. If one has got in around the bottom, one should look to book profits in the next 5 or 6 months.