Buy Century Textiles; target of Rs 365: GEPL Capital

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Buy Century Textiles; target of Rs 365: GEPL Capital

GEPL Capital is bullish on Century Textiles and has recommended buy rating on the stock with a target of Rs 365 in its June 10, 2011 research report.

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GEPL Capital is bullish on Century Textiles and has recommended buy rating on the stock with a target of Rs 365 in its June 10, 2011 research report.

"Nifty was facing continuous resistance at 5570 and finally breached 5500 mark at the weekend. Now the level to watch is 5440 and the crucial support is placed at 5400 where trend reversal may be seen. In this scenario, the stock specific movement in mid cap is observed where investor interest is seen. This time we are recommending Century Textiles on short term basis."

"A higher bottom formation is seen at 303 in comparison with its earlier bottom of 279, indicating a corrective trend is in the offing. Short term RSI on daily chart is supporting the expected up-move and volume breakout is seen on daily chart. After a positive weekly close, the stock may test its 200-EMA level of 385 in next few trading sessions. An intermediate support on daily closing chart is placed at 325 which is stop loss for this short term buying recommendation. On upside, the falling trend line is showing resistance at 365 and next target is placed at 385 which are 200 - EMA. The current consolidation is seen in the form of Triangular Pattern as shown in the chart and the final swing is likely to push the stock price near its 200 - EMA of 385. Buying is recommended in this stock between 347 - 343 in cash segment with a stop loss of Rs 325, for the targets of Rs 365 and Rs 385 respectively."

"The time frame for this trading buying position is of 3 weeks. Partial profit booking is recommended at 1st target of Rs 365 and thereafter, the stop loss can be revised to Rs 345 levels for remaining buying position, till the next target is achieved at Rs 385," says GEPL Capital research report.  

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