Friday, 21 November 2008

JP Associates may re-test Rs 50: Gujral

Technical Analyst, Ashwani Gujral is of the view that Jaiprakash Associates may re-test Rs 50.

Gujral told CNBC-TV18, "The private banking financials are looking quite weak and Reliance Capital particularly has broken below several key supports. I think the next level here now could be closer to about Rs 350 kind of level. I think it needs to hold up out there, it has broken down. On the upside, you need to get pass Rs 515 to get anywhere close to strength."

He further added, "I think JP Associates is going to retest its lows of about Rs 50. I do not think that stock is showing a lot of strength. Rs 75-80 is the resistance that comes up on the upside now."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.

Source: Moneycontrol

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