JP Associates may rally 10-15%: Harchekar

JP Associates may rally 10-15% from the current levels, says Amit Harchekar, Sr. Technical Analyst, IIFL.

Harchekar told CNBC-TV18, “I won’t be buying Ambuja Cement at current levels. If you look into, the oscillators are indicating negative divergence. So, I believe the stock may not sustain beyond Rs 211 levels, you should see some correction in that counter before we see the stock moving further high.”
He further added, “JP Associates, the momentum needs to be very strong. The stock has formed very rounding bottom pattern and it has given a breakout above Rs 83 and that projects target close to Rs 94- 95 in the near term. Once we see this momentum in the Nifty sustaining above 5680 I believe JP Associate would outperform the market and you can easily expect 10%-15% up move from the current levels.”