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Jain Irrigation Systems

BSE: 500219 | NSE: JISLJALEQS | ISIN: INE175A01038 | SECTOR: PLASTICS


Buy @ CMP 65, Target 100- 130, Stop Loss 57.


Analysis: Jain Irrigation has given a volume breakout from 60 levels. Prices are rallying above 50 & 200 days moving average after the volume breakout. On weekly basis we see prices are making rounding bottoms formations. Currently it has given a weekly reversal and moving ahead. 

As per the Elliott wave prices has completed the 1st wave, 2nd wave from down side 47.95 to upside 72.40 also got completed at 61.8% retracement at 57, currently  we are in process of 3rd wave formation. We see target of 75 (previous intermediate top) for upside target of then 100% retracement level target of 85 levels and after cross of 85 levels we can see very positive rally. 3rd wave rally target is 100 levels & next target is 130 levels. 

We advice to accumulate Jain Irrigation Systems at current market price 65 with target of 100-130 and 57 will be stop for this trade.







(28.03.14)



Jain Irrigation Systems



























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