SJVN has short term target of Rs 27.50, says Mitesh Thacker, Technical Analyst, miteshthacker.com.
Thacker told CNBC-TV18, "In SJVN the price pattern is very similar to what we had seen in lot of IPOs listed couple of quarters back. If I can recall, I think the price movement of SJVN Ltd is very similar to Pipavav when it went for months in some kind of a very narrow consolidation between the range of Rs 60 and Rs 54. So I think a similar kind of movement has happened on SJVN, I think Rs 25 on the higher side and Rs 24 on the lower side has been a band wherein the stock has traded for about 3 months."
He further added, "Now we are getting signals that the stock price is ready to move up. I think we have seen some kind of good volumes being recorded; everyday the price has recorded an up tick, so I think accumulation is on. I would probably wait for a breakout about Rs 24.75 and then trade long on the stock. The stoploss could be just below Rs 24 and the short-term targets could be in the range of Rs 27.50."
