Exit Jain Irrigation at around Rs 72-74: Sameet Chavan

Sameet Chavan of Angel Broking told CNBC-TV18, "Broadly speaking, if we look at the weekly as well as monthly chart of Jain Irrigation Systems, it is in a sideways trend wherein Rs 75-76 is a major resistance on the higher side. On the lower side, Rs 50-55 is a support level. Recently we have seen a strong recovery from the lower levels of Rs 50-52. As of now the stock is trading around its near-term resistance of Rs 66-67 but looking at the ongoing momentum it appears that Jain Irrigation might move beyond Rs 66-67 and can retest Rs 72-74.""My suggestion would be that once the stock reaches Rs 72-74 levels, it is advisable to exit because Rs 75-76 is likely to act as a major resistance. One can re-enter only if Jain Irrigation manages to sustain above Rs 76-78 on a closing basis otherwise one can choose to exit around mentioned resistances. As of now one can keep a strict stop loss below Rs 62 on a closing basis," he said."In JSW Steel, recently we have seen a decent recovery from lower levels of Rs 820-840. However, overall, if we look at the weekly as well as the monthly charts, it can be seen that Rs 1,000 is a major resistance for the stock. Recently we have seen a sharp correction from higher levels of Rs 1,990 itself. Going forward, Rs 1,000 would be a major resistance. The moment it breaks Rs 1,000, it can move towards Rs 1,080-1,150. As of now one can maintain position by keeping a strict stop loss below Rs 840," he added.