Buy JP Associates for target of Rs 167: India Infoline

MUMBAI: India Infoline has advised traders to buy JP Associates for target of Rs 167.

“On the daily chart, JP Associates had been stalling around its 200-day DMA for one month, currently placed at Rs 149. The close on Friday can be considered as a fresh break-out on the upper side. It is attempting to move higher after a consolidation of four weeks.

The volume chart has also improved along with the momentum oscillators. Any sustainable move on heavy volumes above the levels of Rs 160 could provide fuel for a stronger rally over the next couple of sessions. The daily momentum indicators like RSI and MACD are exhibiting positive divergences.

We recommend traders to buy the stock at current levels and on declines up to the levels of Rs 155 with a stoploss of Rs 151 for an initial target of Rs 167,” the report said.