Buy Jain Irrigation Systems, target Rs 123: Dinesh Rohira

Jain Irrigation Systems' share price has gained 97 percent from March 23, 2020. Close Price as on May 27, 2020: Rs 6.99 and on March 23, 2020: Rs 3.55.

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26 Aug, 2025 12:21

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Dinesh Rohira

Jain Irrigation Systems witnessed a series of correction after registering a 52-week high during the mid-January and broke below its crucial support level.

However, after a healthy consolidation near Rs 90 levels, the scrip made a positive momentum reversal in last week’s trade as it managed to close above its 100-200-days EMA levels placed at Rs 101 and Rs 95 respectively.

The scrip also witnessed a strong volume upsurge as it closed with about 6 percent gains on an intraday basis. It formed a strong bullish candlestick pattern on its daily price chart indicating a reversal trend on its weekly price chart.

Further, a secondary momentum indicator witnessed a revival with weekly RSI level shifting upward from oversold-zone coupled with positive cue coming on MACD.

The support level for the scrip is currently placed at Rs 84 and resistance level from the upper band is placed at Rs 135. We have a buy recommendation for Jain Irrigation with target of Rs 123 which is currently trading at Rs 103.90.

Disclaimer: The author is Founder & CEO, 5nance.com. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.