Shitij Gandhi
Filatex India has given a fresh breakdown below Rs 185 levels and its 200-days exponential moving average in early 2018 and tested Rs 150 levels in a short span of time.
Since then, smart recovery has been witnessed in the stock as once again prices regain its short and long-term moving averages.
On the weekly charts, the stock has formed a bullish pennant pattern and also given upside breakout which supports the next up move in prices.
Traders can accumulate the stock in a range of Rs 211-215 for the upside target of Rs 239 levels with a stop loss below Rs 195.
Disclaimer: The author is Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are his own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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