Sep 23, 2013, 06.01 PM IST
Way2Wealth is bullish on Jubilant Foodworks and has recommended buy rating on the stock with a target price of Rs 1286, in its research report dated September 23, 2013.
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Buy Jubilant Foodworks; target Rs 1286: Way2Wealth
Way2Wealth is bullish on Jubilant Foodworks and has recommended buy rating on the stock with a target price of Rs 1286, in its research report dated September 23, 2013.
Like this story, share it with millions of investors on M3
Buy Jubilant Foodworks; target Rs 1286: Way2Wealth
Way2Wealth is bullish on Jubilant Foodworks and has recommended buy rating on the stock with a target price of Rs 1286, in its research report dated September 23, 2013.
The above stock has provided a fresh breakout from the triangular pattern formed in its wave II and now since it has taken off the swing high of 1085 the road is clear for wave III up. As shown in the charts (in the pdf) the ellipses drawn were the resistance i.e. around 1085 levels by taking off this level it has started forming higher tops and bottom indicating fresh leg on the upside. The previous rise was a five wave rise following which it retraced 78.6% and now wave III up of wave C/3 has ensued. The equality target for the same comes to 1286 levels. The support or stop loss is pegged at 1029 levels, hence the risk reward ratio is quite favorable for the bulls. The momentum indicator is in buy mode both on the daily as well as the weekly charts which is like an icing on the cake for the bulls. So, we recommend initiating longs in this stock.
Investment Strategy:
Buy Jubilant Foodworks above 1094 for the target of 1286 with a stop loss of 1029
Risk: Reward = 1: 2.95
Risk: 1094 1029 = 65
Reward: 1286 1094 = 192
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
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