Jai Corp: Looking Bleak

JAI CORP Daily NSE Stock Chart Technical Analysis:

Investors are waiting for this stock to rise, its been sideways since a long long time.  And with a high of 1441 just 2 years back, everyone who got in long ago, cannot see any ray of hope.

Coming to the present, the stock fell again today, Opening at 241.25 and closing with CMP at 229.90.

Market Outlook:

• The price could fall further tomorrow and close around 220-223.
• After this, the price could make a sudden upward spurt, be ready to make short term profit when this happens.

Technical Indicators:

• An important year old support line has turned into a line of resistance after a breakout on Oct 15 at the 258 price level.  Since then, the price has remained below this line.  (The important line to break)
• Twice the price made an attempt to regain its rightful place above the line of support but faced resistance and could not do it.
• The line of resistance is rising everyday as it is diagonal.  This means that the more time that elapses, the more the distance between the price and the line of resistance, and that much more area to cover.
• Yesterday the price has broken through yet another line of short term support and failed to go above it today.
• The price area of 214 - 230 is an area of support for Jai Corp at the moment.  Any fall below 214 and its gonna be tough to rise back any soon.
• Buy if the price closes above the "Important Line to Break" (which is almost at 60 rs from current price, damn, hopefully the price should make a run to climb above resistance soon, until then, wait to make any move on this one).  

JAI CORP Daily NSE Stock Chart Technical Analysis


(Analyzed for Vivek, Pune)