Jain Irrigation likely to see upside: Sukhani

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Jain Irrigation likely to see upside: Sukhani

Jain Irrigation likely to see upside, says Sudarshan Sukhani, s2analytics.com.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Sudarshan Sukhani See what other Experts & Brokerages are saying about Jain Irrigation See messages about Jain Irrigation

Jain Irrigation likely to see upside, says Sudarshan Sukhani, s2analytics.com.

Sukhani told CNBC-TV18, "I am looking to buy Jain Irrigation but there are two reasons. First, it has fallen so much; surely something must be good in that whether it's right for a relief rally. Second, much more importantly that it's also building some kind of a consolidation just like JSW was. So it comes down, goes up but it's now maintaining support levels. So it's quite possible that in any kind of a relief rally, Jain Irrigation could participate. It's a high beta stock, could give something on the upside. The charts are conducive for more gains."

He further added, " Orchid Chemical went up yesterday and that was after a significant decline. But there are strong technical reasons of buying it today. Yesterday it bounced almost exactly from Rs 124 which was the previous low which it made about 10 days ago. That's a trade which is okay, it's almost exact low I came, touched and then bounced back. That's the reason I think Orchid is worth going into. It's a swing trade for one or two days. It's worth buying because one of the reasons why we sometimes take a trade is we know where our stop loss or exit is. Here the exit is Rs 124. If that low breaks, it's collapsing. If it doesn't, that low was providing supports. So Orchid is an interesting stock. It's literally buying at the lows but it's a buy."