Sell JP Associates between Rs 25.60 & Rs 26.10. Stoploss at Rs 27 :: HDFC Securities

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Current Observation:
 The attached daily timeframe chart of Jaiprakash Associates (J P Associates) is indicating the ongoing broader down
trend of the last many months.
 The stock price was moving in an ascending channel type pattern (brown parallel up sloping trend lines) and
currently has placed on the edge of breaking below the lower channel line around Rs.25.50.
 The positive sequence of higher tops and bottoms have been broken, as Nifty formed a lower top around Rs.27.70
and declined in the last couple of sessions. This pattern indicates the continuation of weakness for near term.
 Daily momentum oscillator like 8 period ROC is in the process of forming a negative H&S type pattern, which is
indicating weak bias for the stock price ahead.
 Overall negative chart pattern is signaling that more declines could be in store for J P Associates for near term.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3010662