JP Associates may slip to Rs 66, says Anu Jain

Jaiprakash Associates may slip to Rs 66, says Anu Jain of IIFL Private Wealth Management.

Jain told CNBC-TV18, "Jaiprakash Associates is an exceptional case. I think even if the market were to go up this stays to be a sell because post the FCCB issue it has become a sell on every rise kind of a stock. The fact is that it has closed much lower than where other stocks have close but if you get a bounce up to Rs 66 it becomes a short. The stop loss would have to be Rs 67-67.20 because that’s where the trend changes."
He further added, "It is poised for Rs 59 and irrespective of how the market moves over the next two weeks this can go down. So I would use the rises to get into the stock on the short side."