Buy JP Associates for target of Rs 250: India Infoline

MUMBAI: India Infoline has recommended its high risk traders to buy JP Associates for target of Rs 250.

���JP Associates has been consolidating in range between the levels of Rs 231-204 for one month. On Wednesday, the stock broke out from the higher-end of this trading range. In addition, the gain in the stock price from a low of Rs 220 in the current week has been on back of increasing volumes, indicating strong buying at the support levels. The daily RSI is already in strong buy mode. The stock has closed above all its key daily moving averages. A move past the levels of Rs 240 could take the stock towards the levels of Rs 250 and Rs 255 in the short-term. Keeping in mind the above-mentioned evidences, we recommend high risk traders to buy the stock between the range of Rs 236-240 with a stop loss of Rs 230 for target of Rs 250,��� the report said.

Note:Trading idea is valid for time period of 1-3 days.