Buy Rain Commodities on dips: Gujral

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Buy Rain Commodities on dips: Gujral

Rain Commodities bounced off very strong support around Rs 137-140 and it tends to have these large days. Stock has good momentum, wait for one day’s dip before getting on this one, says Ashwani Gujral, Technical Analyst.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Ashwani Gujral See what other Experts & Brokerages are saying about Rain Commoditie See messages about Rain Commoditie Rain Commoditie BSE | NSE 01/06/12 Are Mutual Funds betting on Rain Commoditie?

Rain Commodities bounced off very strong support around Rs 137-140 and it tends to have these large days. Stock has good momentum, wait for one day's dip before getting on this one, says Ashwani Gujral , Technical Analyst.

Gujral told CNBC-TV18, "Rain Commodities bounced off very strong support around Rs 137-140 and it tends to have these large days. Chances are it will touch levels of Rs 205 and maybe go beyond in case commodities continue to do better. So this is a stock which has good momentum, wait for one day's dip before getting on this one."

Rain Commodities touched an intraday high of Rs 180.15 and an intraday low of Rs 158.20. At 14:30 hrs the share was quoting at Rs 166.50, up Rs 2.65, or 1.62%. It was trading with volumes of 762,293 shares. Yesterday the share closed up 19.55% or Rs 26.80 at Rs 163.85.