We suggest buying in the scrip around Rs 790-800 zone with stop loss below Rs 760 on closing basis for the target of Rs 875 levels, says Shabbir Kayyumi of Narnolia Financial Advisors.
Century Textiles and Industries witnessed a decent erosion from the peak of Rs 992 to currently bottom out at around Rs 740-750 zone. It gave double bottom breakout in an hourly chart which suggest positive momentum.
As of now, it indicated a bullish candle to signify strength and has potential to carry on the momentum still further on upside.
Indicators and oscillators are looking conducive for the price pattern.
Looking at all these technical factors, we suggest buying in the scrip around Rs 790-800 zone with stop loss below Rs 760 on closing basis for the target of Rs 875 levels.Disclaimer: The author is Head - Technical & Derivative Research at Narnolia Financial Advisors Ltd. 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.