JP ASSOCIATES; UPDATE

• In an earlier Post (SEE THIS), I had delineated support/entry levels for the scrip as the 64-70 zone.
• The news flow later as well as the risk-off bearish downtrend in the Markets has ensured that the above levels were rather effortlessly broken today.
• In fact, even the Fibo 23.6% retracement level at 61.3 was broken today on a closing basis.
• Now, the next support for the scrip is at 53.5 levels and then at 51 levels which corresponds to the earlier low that was made on 7/1/2012.
• I would suggest, howsoever foolhardy it might sound, that long term investors should look to buy in phases on all dips hereon, in particular on sell-offs that might take it below 55 levels.