JP Associates has resistance above Rs 64, says Sharma

Jaiprakash Associates (JP Associates) has resistance above Rs 64 and then Rs 68, says Salil Sharma of Kapur Sharma & Co.

Sharma told CNBC-TV18, "GAIL India has made some kind of bottom in Rs 315-325 zone but it needs to sustain a buy Rs 345-350 levels for at least three days to say that it’s out of the blue and there could be a long trade involved there even for a long-term so I would give some more time that share. As far as Jaiprakash Associates (JP Associates) is concerned that’s definitely still in a downturn despite an upmove today and it has lot of resistance above Rs 64 and then Rs 68 and finally around Rs 71-72. So unless these levels are cleared there would be minor upmoves to these targets." He further added, "ITC has 50 day moving average which is close around Rs 232 and if it does close below those levels then it can go down all the way to Rs 218-219. So I would wait for a closing above those levels and then only take a move." "Voltas has had few bad trading sessions and now on the recovery it has its 200 day moving average at Rs 106 so maybe closer to Rs 103-104 one could use for going short on it."