Jubilant Organosys: CMP @ Rs340 (Target Rs404)

In the midst of negative market breadth, the overall sentiment for the day remained in the corner of bears. Finally, Nifty closed below 20-hourly simple moving average, with a loss of 20 odd points on account of selling in Metal and Oil & Gas space. With the break below the support of 5090 level the near term trend seems to have matured and some profit taking is likely, which means that Nifty has a very high probability of sliding upto 4954. In doing so, some momentary pause can be expected near 5050 (i.e. 50-HEMA). However on upside the clearance of 5148 will stretch Nifty for higher targets of 5200 and above.

Trading Ideas Remain stock specific from current levels. Mid term trading ideas which we like are Punj Lloyd (Target Rs206) and Spice Jet (Target Rs76). Traders maintain stop loss accordingly. Investment Ideas Jubilant Organosys: CMP @ Rs340 (Target Rs404)

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