JP Associates may touch Rs 65-66: Ashish Chaturmohta

Ashish Chaturmohta of Fortune Equity Brokers is of the view that Jaiprakash Associates may touch Rs 56-66.

Ashish Chaturmohta of Fortune Equity Brokers told CNBC-TV18, "We are seeing a very strong addition in the most of the midcap names and particularly if you look at Jaiprakash Associates , this stock has formed a major double bottle formation around its Rs 45-46 kind of levels and in the last three-four trading sessions we have seen build up to the tune of almost 15-16 percent. Now, we are seeing some amount of consolidation happening for last two trading sessions."

"JP Associates has seen a very strong support at around this Rs 55-56 levels and if these support levels hold on to the stock then on upside another 8-10 percent of upmove is possible from current levels. So, we are looking for the targets of Rs 65-66 on the upside, whereas on downside Rs 56 should be kept as a stoploss," he said.

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