Jayaprakash power ventures
JP Power shares jumped 8% in Intrade trade on Friday, July 11, and touched a new upper level of 52 weeks on BSE. The stock caught up openly at Rs 23.17 against the previous bandh of Rs 23.02 and rose 8% to Rs 24.86. However, later the stock came under a little profitable pressure and at around 2:50 pm it was trading at around 3% at Rs 23.70.
JP Power’s trend of shares
Jayaprakash Power Ventures shares are on frequent climbing in recent times. In the last one month, the stock has gained a gain of about 30%, while the rest of the market has been moving in a limited range. This small-cap share made a 52-week low of Rs 12.35 on March 3 this year, but it closed up about 7% that month and has been in a continuous green mark since then.
What is the reason for the boom in JP Power?
Due to the rise in JP Power shares, media reports are the reason for the Adani Group, led by billionaire Gautam Adani, has emerged as the biggest contender to buy JP Associates. If a strong and strong company like Adani Group is acquired, then it will benefit JP Associates as well as JP Power, because JP Associates has about 24% stake in JP Power.
Is there yet more fast?
According to experts, currently the stock is trading near an important resistance level, so one should wait for a pucca breakout before the new purchase. Jigar S., Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers. According to Patel, JP Power is getting resistance within a radius of Rs 2424.85.
Patel said, we recommend that the weekly close of the stock above 24 rupees should wait till it is confirmed. If this level is crossed, then the stock can see a boom of up to Rs 2627.
Research head Anshul Jain at Laxmishree Investments said that after a tremendous rise of 97% in just 10 weeks, the stock has done a high test of 73 weeks at about 24 rupees, which is a big resistance zone.
Jain said, after this tremendous boom, it would be right that the stocks are now in Sideways Consolidation for about eight weeks so that the brakeout could be strengthened. We believe that the short term fast is currently at its peak and now the stock may last some time within the radius of 18 to 24 rupees.