Jaiprakash Associates shares hit 52-week high; stock up 120% in six months. See technical analyst views
Jaiprakash Associates stock was last seen trading with 6.76 per cent gains at Rs 16.11. At this price, the scrip has turned into a multinagger by rallying around 120 per cent in the last six months.
- Nov 1, 2023,
- Updated Nov 1, 2023 3:35 PM IST
Jaiprakash Associates Ltd shares traded higher in Wednesday's trade, taking their upward run to the fourth consecutive session. The stock surged 11.93 per cent to hit a 52-week high of Rs 16.89. It was last seen trading with 6.76 per cent gains at Rs 16.11. At this price, the scrip has turned into a multinagger by rallying around 120 per cent in the last six months.
Around 2.51 crore shares changed hands today at the time of writing this story. The figure was way more than the two-week average volume of 1.74 crore shares. Turnover on the counter came at Rs 40.85 crore, commanding a market capitalisation (m-cap) of Rs 3,949.44 crore.
On technical setup, support on the counter could be seen around Rs 15.50, followed by Rs 14.85 and Rs 14.50 levels.
"Jaiprakash Associates is bullish but also overbought on daily charts and has strong support at Rs 14.85. A daily close above resistance of Rs 16.75 could lead to target of Rs 20 in the near term. Investors should book profit or hold for above targets with stop loss of Rs 14.85," said AR Ramachandran from Tips2trades.
"At the current juncture, the stock is in a bullish candlestick pattern. Traders can hold this stock with a stop loss of Rs 14.50 for a target price of Rs 20 in the upcoming week," said Ganesh Dongre, Senior Manager - Technical Research Analyst, Anand Rathi Shares and Stock Brokers.
"The counter may hit Rs 18 in the near term. Keep stop loss placed at Rs 15.50," DRS Finvest founder Ravi Singh mentioned.
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 71.59. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-equity (P/E) ratio of 3.81 against a price-to-book (P/B) value of 0.65.
The scrip has a one-year beta of 1.77, indicating high volatility.
(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
Also read: Fed policy: Rate hike off the table, FOMC meeting outcome likely to be uneventful
Jaiprakash Associates Ltd shares traded higher in Wednesday's trade, taking their upward run to the fourth consecutive session. The stock surged 11.93 per cent to hit a 52-week high of Rs 16.89. It was last seen trading with 6.76 per cent gains at Rs 16.11. At this price, the scrip has turned into a multinagger by rallying around 120 per cent in the last six months.
Around 2.51 crore shares changed hands today at the time of writing this story. The figure was way more than the two-week average volume of 1.74 crore shares. Turnover on the counter came at Rs 40.85 crore, commanding a market capitalisation (m-cap) of Rs 3,949.44 crore.
On technical setup, support on the counter could be seen around Rs 15.50, followed by Rs 14.85 and Rs 14.50 levels.
"Jaiprakash Associates is bullish but also overbought on daily charts and has strong support at Rs 14.85. A daily close above resistance of Rs 16.75 could lead to target of Rs 20 in the near term. Investors should book profit or hold for above targets with stop loss of Rs 14.85," said AR Ramachandran from Tips2trades.
"At the current juncture, the stock is in a bullish candlestick pattern. Traders can hold this stock with a stop loss of Rs 14.50 for a target price of Rs 20 in the upcoming week," said Ganesh Dongre, Senior Manager - Technical Research Analyst, Anand Rathi Shares and Stock Brokers.
"The counter may hit Rs 18 in the near term. Keep stop loss placed at Rs 15.50," DRS Finvest founder Ravi Singh mentioned.
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 71.59. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-equity (P/E) ratio of 3.81 against a price-to-book (P/B) value of 0.65.
The scrip has a one-year beta of 1.77, indicating high volatility.
(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
Also read: Fed policy: Rate hike off the table, FOMC meeting outcome likely to be uneventful