Big Movers on D-St: What should investors do with JSPL, Jain Irrigation and ITI?

Indian market snapped its 2-day winning streak on Wednesday following muted global cues. The S&P BSE Sensex plunged more than 700 points while the Nifty50 managed to close above 15,400 levels.

Sectorally, selling pressure was seen in metals, energy, realty, power, and utilities. The S&P BSE Midcap index fell 1.5 per cent, and the S&P BSE Smallcap index was down 1.1 per cent.

Stocks that were in focus on Wednesday included names like

which plunged by about 6 per cent, Jain Irrigations which was up more than 10 per cent, and ITI which rose more than 17 per cent.

Here’s what Akhilesh Jat, Category Manager – Equity Research, CapitalVia Global Research recommends investors should do with these stocks when the market resumes trading today:

JSPL: Sell below Rs 304| Stop Loss: Rs Rs 312| Target: Rs 292

Share price of JSPL has declined over 47 per cent from all-time high. The stock is trading in a Lower-Low & Lower-High formation and is sustaining near to its 52-week low.

The short-term trend of the stock is weak as it is trading below all its important moving averages.

System: Buy: Rs 42| Stop Loss: Rs 39| Target: Rs 47

As on 22nd June 2022, the share price of Jain Irrigation System continued its positive streak for the second consecutive day. The stock has rallied by over 44 per cent from its weekly low and is trading above its 21, 50 & 200-Days Exponential Moving Averages.

Momentum oscillator RSI is above the center line and the histogram contracts on the downside and moves towards the zero line, which leads to an upward movement.

ITI: Buy at Rs 100| Stop Loss: Rs 96| Target: Rs 106

The share price of ITI surged over 11 per cent intraday to trade at the highest level since 30 May 2022.

The stock closed above its 100-Days EMA and also formed a double-bottom formation on the daily chart which indicates that the primary trend of the stock is positive.

Momentum oscillators RSI and MACD suggest it may continue its upward trend.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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