Buy JP Associates for target of Rs 238:India Infoline

MUMBAI: India Infoline has advised traders to buy JP Associates for target of Rs 238.

���The post election euphoria led to a sharp rally in the stock which saw it touching Rs 236 during the month of June. Since then, the stock has corrected but managed to hold on Rs 170-180 range despite volatility in the month of July. Last week, the stock broke past the short-term downward sloping trendline. The momentum indicator RSI is exhibiting positive movement suggesting further upside in the near term. We believe a move past Rs 224 level will see the stock testing June 2009 peak. Keeping in mind the above mentioned technical parameters, we recommend traders to buy the stock in the range of Rs 221-228 with stoploss of Rs 215 for target of Rs 238-240,��� said the technical note.