Below Rs 198, JP Associates can go down to Rs 153

Anil Manghnani, Modern Shares & Stock Brokers is of the view that below Rs 198, Jaiprakash Associates can go down to Rs 153.

Manghnani told CNBC-TV18, "Rs 198 was a support that’s where JP Associates bounced back. Actually it was in one of the charts which is showing good trading momentum last week, unfortunately this week it’s again that whole Bear Sterns story and it’s been associated with that Bear Sterns has a stake or it’s selling it’s stake, Rs 198 if it breaks then unfortunately there could be another slide to even closer to Rs 153 levels where it started off the phenomenal run from Rs 150 odd to Rs 510. So lets hope it takes support in this Rs 190-200 range."

Source : MoneyControl