JP Associates is in downtrend: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, www.miteshthacker.com, talks about JP Associates.

ET Now: What is your call on JP Associates, is there more downside into both of this stock?

Mitesh Thacker: JP Associates is firmly in a downtrend. This is slightly oversold but there is no signs of reversal. So the trend reversal has not happened which means that you will continue to see the sequence of lower tops and lower bottom formation. JP Associates probably one target which I would look for over here, is about 59 which was an important breakout level after the entire 2008-2009 correction. So 59 was the breakout level that is where you might see some support coming for the stock price.