Technical Analyst, Vijay Bhambwani is of the view that one can hold Jaiprakash Associates for long term.
Bhambwani told CNBC-TV18, "In Jaiprakash Associates a sustained trade below Rs 220 will significantly increase the probability of a fresh down side, which would take it below the Rs 200 mark and keep it there. On the upsides, a stiff resistance will be encountered by the stock, the closer it gets to Rs 300 or even Rs 325 levels, which seems a little difficult to achieve looking at the way the market is behaving."
He further added, "In the short to medium term, the up side potential on the stock is limited. Although a steep decline from here also may not happen in the short term but it could take a long time for the stock to actually come up and scale its highs. So only if you have made up your mind to remain with the stock as a medium to long term investor, then you should hold on, for momentum players or swing traders,it’s a sell."
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