JP Associates can touch Rs 165: Mathew

Technical Analyst, E Mathew is of the view that if Jaiprakash Associates is able to maintain above Rs 138-140 then it can touch Rs 165.

Mathew told CNBC-TV18, "Unfortunately Rs 400 and Rs 417 was a strong support zone for Jaiprakash Associates. A breakdown below that itself indicated a weakness. The immediate road ahead says that there is a pullback rally, which I strongly believe that the Nifty is going to participate in a strong rally in the coming months. The stock would be a market performer not a market outperformer. If it is able to maintain above Rs 138-140, slowly and gradually we could see it going to Rs 165. But the problem area for this scrip really is going to be that magic figure of Rs 200-205."

Disclosure: Analyst doesn't have a personal holding in the above stock but his clients may hold position.