Buy JP Hydro for target of Rs 93: India Infoline

MUMBAI: India Infoline has advised traders to buy JP Hydro in the range of Rs 84-87 for an initial target of Rs 93.

���On the daily chart, JP Hydro is attempting to break out from a Symmetrical Triangle pattern. A positive breakdown from the pattern indicates upside in the coming sessions. The stock price is consolidating within the triangle in the range from the first week of May. On Tuesday, the stock closed above the support of lower trendline of the symmetrical triangle and well above its short-term moving averages. The daily MACD is in buy mode. We recommend traders to buy the stock in the range of Rs 84-87 for an initial target of Rs 93. It is advised to maintain a stoploss of Rs 82 on all the short positions,��� said India Infoline report.

Note: Trading idea is valid for 1-3 trading sessions.