Jain Irrigation Systems Ltd Stock Quotes and Charts
Buy@ Rs 600 For target of Rs 800 In 6 Months.Jain Irrigation Sys. bottomed out by posting an intra-day low ofRs 400.10 on 09.04.07, moved upwards for quite a few tradingsessions while continuous resistance came in the form of the 421level (congestion area) and continuous support came in the formof the 55-day EMA. The scrip finally posted an intra-day low ofRs 406 on 18.04.07 and these levels have not been seen very oftensince then. Jain Irrigation Sys. commenced a short-term uptrendfrom here (there was enough clarity on the medium-term front),struggled but overcame the 55-day EMA, posted a series ofprogressively higher tops and bottoms, started moving within theconfines of an upward sloping channel, almost gave a throwoverfrom this channel and finally peaked at an intra-day high of Rs765.95 on 04.12.07. The scrip almost gave a downward keyreversal from here, couldn't sustain these levels for long, entereda corrective phase, declined to post an intra-day low of Rs 530 on22.01.08, rebounded smartly from here, posted a good but unsustainable rally to post a high of Rs 675.80 on 04.02.08 onlyfor the scrip to enter a sharp correction. Jain Irrigation Sys. seemsto be on the verge of entering a medium-term uptrend (couldcommence an intermediate uptrend), has overcome the 55-dayEMA and with the oscillators looking positive indicating thepossibility of a further upside from here.<br>
the company expects profit to be double this year as a drought-struck India increases spending on projects aimed at raising farm output.JainIrrigation`smicro-irrigation systems business can benefit from the current drought as state governments across the country will incentivise farmers to implement irrigation system and save water.
Jain Irrigation Systems slumped 15.23% at Rs 162.30 at 14:08 IST on BSE on equity dilution worries after the company last week unveiled its plan to raise about Rs 700 crore from qualified institutional placement.
<b>Buy@ Rs 107.00 For target of Rs 121 In Intra-day.</b><br><br>BUY JAIN IRRIGATION ABOVE 105....FOR THE TARGET OF121....STOPLOSS@ 93
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