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Sell Jindal Saw; target of Rs 150-148: Aditya Birla Money
Aditya Birla Money is bearish on Jindal Saw and has recommended sell rating on the stock with a target of Rs 150-148 in its July 5, 2011 research report.
Aditya Birla Money is bearish on Jindal Saw and has recommended sell rating on the stock with a target of Rs 150-148 in its July 5, 2011 research report.
"The sharp fall in Jindal Saw found support at Rs 136 levels. Thereafter the stock has been moving up on relief rally in a steep rising channel. The said recovery seems to have hit resistance with prices testing 38.2% Fibonacci retracement and prior wave 4 zone at Rs 165. Thus further major upside seems unlikely from current levels before any decent correction. According to wave theory, after a five wave down move prices are witnessing a corrective a-b-c up move of which the first leg seems to be near completion. A breach of the channel at Rs 159 levels would lead to prices retracing back the recent rise towards Rs 150-148 levels. Daily momentum has been over reactive forming a probable negative reversal at over bought zone confirming our view of expected weakness. Sell Jindal Saw below Rs 159 for a target of Rs 150-148 with stop placed above Rs 164 on closing basis," says Aditya Birla Money research report.
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