Mcleod Russell has target of Rs 303: Anu Jain

Mcleod Russell has target of Rs 303, says Anu Jain, Sr Vice President, IIFL Private Wealth Management.

Jain told CNBC-TV18, "This market is more now where you play the breakouts and the breakdowns rather than the ones which are trading in the zone. So I feel Mcleod Russell is looking good for a breakout. It’s at about Rs 280-275, closed positive on Friday. If you want to see the major supports these are close to Rs 258, so that’s very low but the breakout that it’s given I think it looks difficult that it will breach those Rs 272-273 levels.”

She further added, “It’s poised for about Rs 303 and if it crosses those levels of Rs 282 it’s going to make another good move of 3-4% maybe possibly today or tomorrow. So a 2% move on Friday looks poised for another 5%. I think keeping about any dips for opening down today should be bought into with a stoploss closer to Rs 272 and a target closer to Rs 303.”