JP Associates can move to Rs 88-90: LKP

Jaiprakash Associates can move to Rs 88-90, says Kunal Bothra, Sr Technical Analyst, LKP.

Bothra told CNBC-TV18, "JP Associates has a very strong chart if you look at on the long side. In the last 5-7 trading sessions it's been moving in a range Rs 77 and probably Rs 82-83 levels is a very good range for this stock. Today also it's hovering around that Rs 82 level. Couple of days over here and if the stock gathers momentum and breaks that Rs 82 you will see a definite good amount of rally till Rs 88-90 levels. So that is one candidate which can be looked on."
He further added, "The other stock is something like a Hero Motocorp. Friday's chart, if you just look at it technically, if you look at the intraday hourly chart, it had a very good formation - inverse head and shoulder breakout. Rs 1960 was a crucial level, the moment it broke that it gave a fillip of close to 90-100 points odd from there, Rs 2060 it touched on a intraday basis. So that is one stock which still has that momentum. If the market remains lack luster in the next 2 -3 sessions also, I think this is one stock which can gain momentum and touch Rs 2100 levels."