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Jaiprakash Associates (Rs 90.3)
Jaiprakash Associates grabbed traders' attention last week by recording a remarkable turnaround and soaring over 10 per cent higher. The stock has key medium-term support in the zone between Rs 80 and Rs 90 and it is currently attempting to reverse higher from here.
The medium-term trend in the stock is still up and it needs to close below Rs 75 before investors get perturbed.
The stock will, however, face resistance at Rs 119 and Rs 142 in the months ahead.
Investor with short to medium-term horizon should exit the stock on reversal from either of these levels. Key long-term resistances are at Rs 187 and Rs 224.
Hindustan Oil Exploration Company (Rs 200.8)
HOEC too rose from the ashes to surge over 25 per cent last week. The stock was hovering in its long-term support zone between Rs 160 and Rs 170 since the last week of February.
A sharp reversal from this zone will take the stock up to Rs 240 or Rs 290 in the ensuing months.
The long-term view on the stock will, however, turn positive only on close above the second target.
The support zone between Rs 160 and Rs 170 will continue to cushion the stock in the near-term. Subsequent targets are at Rs 150 and then Rs 93.
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