JP Associates has support at Rs 235-240: Gujral

Technical Analyst, Ashwani Gujral is of the view that Jaiprakash Associates has support at Rs 235-240. 

Gujral told CNBC-TV18, "RPL and JP Associates are all poise to retest their previous lows. JP Associates seems to be headed back to about Rs 190-195, this area of about Rs 235-240 is a support. But one can see from the market action on Friday we couldn’t get above 5,100 on the pull back. Today we couldn’t even get back above 5,000 although the global cues aren’t so bad and then if we come through 4,900 also then these stocks will retest their previous lows. So people need to keep away from those high momentum and high volume type of stocks because that is where the panic sets in once key levels are taken out."

Currently -52.25% below the 52-week high of 510.00 Currently 120.96% above the 52-week low of 110.20