Buy Century Textiles; target Rs 345: IIFL

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Buy Century Textiles; target Rs 345: IIFL

IIFL is bullish on Century Textiles and has recommended buy rating on the stock with a target price of Rs 345 in its November 4, 2011 research report.

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IIFL is bullish on Century Textiles and has recommended buy rating on the stock with a target price of Rs 345 in its November 4, 2011 research report.
 
Century Textiles had been consolidating in a range between the levels of Rs 279-326 from second week of September 2011. On Wednesday, the stock broke past the upper trendline of the upward sloping channel The stock has been moving in a upward sloping channel structure since September 2011. The daily RSI is already in strong buy mode. In yesterday's session, the stock closed above its 200-DMA. Keeping in mind the abovementioned technical evidences, we recommend high risk traders to buy Century Textiles above  Rs 331 with stop loss of Rs 325 for target of Rs 345. (Duration 4 days).

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To read the full report click on the attachment