Jain Irrigation could be closer to 95-100: Ashwani Gujral

In a chat with ET Now, Ashwani Gujral, Chief Market Strategist, ashwanigujral.com (Technical Check) shares his views on Jain Irrigation stocks.

A couple of movers, which have continued to rise over the last two or three sessions, one is Jain Irrigation, do you think this uptick would continue because we spoke about the stock yesterday as well?

As long as the market remains in some kind of an uptrend, most of these guys will have some movement. It is important to see where they fell from. Jain Irrigation fell from 120 down to 75, so 50% retracement could easily be closer to say 95-100, that’s always possible but nothing changes because of that.

Stocks bottom out not when they are going up 8-10% but when they become quiet, they build bases and then emerge out of those bases. Jain Irrigation has done that in the past that it has gone up 5-6% for two or three days but finally gone down to lower levels.