Bullish on JP Associates: Mitesh Thacker

Mitesh Thacker, Technical Analyst, miteshthacker.com, in a chat with ET Now, gives his market outlook


What are your views on JP Associates?

Stock of JP Associates is bouncing back after hitting lows. The rally is much stronger than most of us had anticipated. In fact as you said it is falling less so even when the markets went through a correction, hit new lows or probably tested the earlier lows the stock price manage to record a higher bottom at about Rs 68-69 odd levels and that is where the key support for the short term moving average which is your 8 day, 20 day averages are being placed. As long as the stock remains above Rs 68-69 I would consider it a safe bet to probably go long because very clearly it is kind of getting into a short term outperformance mode. Rs 75-76 on the upside have in the recent times prove to be an important level to cross and they are also important weekly pure points if you look at the historical charts a couple of months back but if those levels are being crossed you might see a short spur in the upside momentum and you would see a rally to levels of about Rs 82-84.