Sell Jaiprakash Associates between Rs 28.95 to 29.90. Stoploss at Rs 30.60 :: HDFC Securities

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Observation
 The stock is showing negative bias for the short term.
 Price has completed the rising leg at minimum retracement of
38.2% (weak indication) which is “wave b/ii” and now it is open
for the next falling leg.
 Major corrective leg has started from the level of 35 on Nov
19, 2014 towards 24 levels. Till now it has completed two legs
of sub waves, either one or two more falling legs are pending
which could push the stock further towards 24 or more.
 Going by the internal legs 61.8% & 100% projection levels of
last two legs are placed around 26 – 23.50 levels.
 Traders could short the stock between CMP to 29.90 with the
stoploss of 30.60 on closing basis for the targets of 26 – 23.5.
LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010193