CASH STRATEGY
Medium Term Technical Call
CENTURY TEXTILES
SECTOR : Textiles
Exchange : NSE/BSE
CMP: INR 495 – 505
CURRENT TREND: Bullish.
1st Target: INR 570.00
2nd Target: INR 590.00
Stoploss: INR 470.00
TECHNICALLY SPEAKING.
The stock is showing buying interest with volume support at current levels as it has taken a strong support at 470 levels and now trading above short term and medium term moving averages which indicate strong fresh bull trend in the counter on daily and weekly chart. The stock is making higher bottom in weekly chart, which is a bullish sign. It has also given a fresh breakout, which indicates that sharp up move may be seen in coming weeks if it sustains the current levels. The risk reward ratio is also favouring in this trade. The chart pattern so formed in CENTURY TEXTILES is a bullish formation and the RSI oscillator is also confirming the bullish pattern on daily, weekly and Monthly chart. Traders can buy the stock with stop loss of 470 for the target of 570 and 590 in couple of weeks.
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