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Sell Jain Irrigation Fut; tgt of Rs 155: Aditya Birla Money
According to Aditya Birla Money, traders can sell Jain Irrigation Future at CMP Rs 172.5 and on rise to Rs 175 for a target of Rs 162/155 with stop placed above Rs 182 on closing basis, in its July 13, 2011 research report.
According to Aditya Birla Money, traders can sell Jain Irrigation Future at CMP Rs 172.5 and on rise to Rs 175 for a target of Rs 162/155 with stop placed above Rs 182 on closing basis, in its July 13, 2011 research report.
"Jain Irrigation has been falling in a well defined channel formed joining pivotal highs and lows. With the recent high of Rs 183.5, the stock tested the upper band of the falling channel. A gap down opening in yesterday's trade session and follow through selling has lead to a formation of Bearish Sash pattern at such crucial resistance zone indicating that the falling channel is likely to hold. Jain irrigation thus appears to be weak and could edge lower towards Rs 162/155 levels."
"Daily momentum has given a sell crossover and is declining adding strength to our bearish expectations. Only a close above Rs 184 would negate our bearish view delaying the expected weakness. Sell Jain Irrigation future at CMP Rs 172.5 and on rise to Rs 175 for a target of Rs 162/155 with stop placed above Rs 182 on closing basis," says Aditya Birla Money research report.
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