IIFL is bullish on Century Textiles and has recommended buy rating on the stock with a target of Rs 352 in its May 10, 2011 research report.
Century Textiles (on the daily chart, after being on a downtrend since May 2011), has staged a short-term reversal. Also, after yesterdays rebound was accompanied with good volumes and a close near day's high which has led to formation of hammer pattern on candlestick. Any move above Rs 341 should end the down trend in the counter and stock should head towards Rs 355 in the near term. Another important observation to corroborate bullish stance in the stock is formation of 'falling wedge' on the medium term chart which suggest the downtrend in the counter is near to an end. Based on above observations, we recommend traders to buy above Rs 341 with stop loss of Rs 336 for target of Rs 352," says IIFL research report.
Disclaimer: The views and investment tips expressed by investment experts 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.
