Technical Pick – Stock May 14, 2010

Stock Name Action CMP Target Stop Loss Holding Period

Buy between Rs. 965 to
Jain Irrigation 994.40 1150 935 2 Weeks
Rs. 1000

Jain Irrigation:

Buy Jain Irrigation Rs. 965 – Rs.1000

CMP Rs. 994.40
Target Rs. 1150.00
Stop loss Rs. 935.00

Jain Irrigation has taken a support at its

previous high & is now trading above it.
Traders can take a long position with the
stop loss Rs. 930, which is its 100 days
moving average.

Volume has increased by more than

200% over last 2 days

As seen above, Jain Irrigation has taken a support at its previous high. As per change of polarity principle in technical
analysis, old support becomes the new resistance; old resistance becomes the new support. The stock had made
earlier high on 30th Nov 2009 at Rs. 930 & after crossing this level the stock had made a low on 29th Mar 2010 at Rs.
930 again, hence at Rs. 930 level the stock has good support.

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 On an intraday basis Jain Irrigation has broken downward slopping
line & is now trading above it..

On Weekly charts Jain Irrigation has taken support at upward

slopping trend line & is now trading above it..

Traders can start accumulating the stock between the Rs. 965 to Rs. 1000 for a target of Rs.1150. We believe that it
has the potential to head higher to its next resistance level of 1150 in the next few weeks.

Analyst: Siddharth Deshpande (siddharth.deshpande@hdfcsec.com)

HDFC Securities Limited, I Think Techno Campus, Building ‘B’, “Alpha”, Office Floor 8, Near Kanjurmarg Station, Opposite Crompton Greaves,
Kanjurmarg (East), Mumbai – 400042, Fax: (022) 30753435

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buy any security. The information contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it
should not be relied upon as such. We may have from time to time positions or options on, and buy and sell securities referred to herein. We may
from time to time solicit from, or perform investment banking, or other services for, any company mentioned in this document. This report is intended
for Retail Clients only and not for any other category of clients, including, but not limited to, Institutional Clients

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