JP Associates can go upto Rs 81: Jain

Anu Jain, Senior Vice President - IIFL Private Wealth Management is of the view that Jaiprakash Associates can go upto Rs 81.

Jain told CNBC-TV18, “I would agree with JP Associates. Obviously it has fallen from Rs 100. Around the panic levels, it does not break Rs 67-68 levels. So, if one has got in at Rs 69-70 – it is a great price to be in this counter. What I have seen in this chart pattern is if it can hold on Rs 74.50-75, it has attempted this twice or thrice whenever the market looked benign in the last two-three weeks, it is facing resistance there. If it were to cross Rs 74.50 on a closing basis, I think one is running for Rs 78.50-81, which is still a 7-8 percent pullback. I would want to make a position in JP Associates at these levels. If the market gives a pullback, this will give 7-8 percent. Lanco Infratech may give percentage-wise move but I think the risk reward is slightly more in favour of JP Associates so I would play that.”