Buy JP Associates on declines: Mitesh Thacker

Mitesh Thacker, Technical Analyst, miteshthacker.com, talks to ET Now on various stocks.

What is your call on JP Associates?

In the long term, I still believe that we have not got a very significant reversal but in the short term, I would be positive on that. In fact this was one of the stocks I considered for putting a buy call today on.

Then I settled with lot of IT stocks purely because the entire sector was showing strength but yes, JP Associates after having a good rally to about 71-72, corrected, gave a pullback to short term averages and again bounced back yesterday.

So that is a very nice and a good well defined technical set up to buy it on declines. It has taken support at the moving averages. So with yesterday’s low, I would probably bet on the stock to test the recent highs of 72 again.