Stock Picks - Buy Filatex India Ltd For Target Rs. 124 - ICICI Direct
Technical Observations
* The textile space remain in strong up trend, with most of the stocks forming higher peak and higher trough in all time frame. The share price of Filatex India is at the cusp of generating a breakout above the last two months broad range (| 110-92) signalling resumption of up move and offers fresh entry opportunity
* We expect the stock to maintain positive bias and head towards | 124 levels being the 161.8% external retracement of the last two months breather (| 110-92) placed around | 124 levels
* The stock already taken 9 weeks to retrace just 38.2% of its preceding 3 weeks up move (| 69- 110). A shallow retracement signals a robust price structure and a higher base formation
* The daily MACD has recently generated a buy signal moving above its nine periods average thus validates the positive bias in the stock
Buy Filatex India Ltd @ 109.00-114.00 TGT 124 SL 104
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