Penny stock up 25% this July; chart hints at further 50% upside potential

JP Power stock needs to break and trade consistently above ₹23.90 levels to open the doors for a sharper rally towards ₹34 levels, suggests the long-term technical charts.

Shares of Jaiprakash Power Ventures (JP Power), a subsidiary of debt-ridden Jaiprakash Associates, have been buzzing in recent months. JP Power stock has rallied 25 per cent thus far in July in mere 6 trading sessions, and surged over 74 per cent in the last two months.  Stock market analysts have attributed the recent gains at the counter to current insolvency proceedings of the parent company - Jaiprakash Associates - wherein Adani group has emerged as the frontrunner with a bid up to ₹12,500 crore. Apart, from Adani group, Dalmia group is also in the race.