Stock Picks - Buy Century Textiles and Industries Ltd For Target Rs. 860 - ICICI Direct
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Technical Observations
* The stock is in strong up trend forming higher peak and higher trough in all time frame.
* It has registered a resolute breakout above its January 2020 high (| 656) signalling strength and offers fresh entry opportunity
* We expect the stock to continue with its positive momentum and head towards | 860 levels as it is the 138.2% extension of the previous up move (|610-736) as projected from the recent trough of | 669 signals upside towards | 860 in the coming weeks.
* The breakout above previous high and price rise is supported by strong volume of more than two times the 50 weeks average volume of 75 lakhs share per week signalling larger participation in the direction of trend
* Among the oscillators the weekly MACD is in strong up trend and is seen diverging from its nine periods average thus validates positive bias
Buy Century Textiles and Industries Ltd @ 770.00-787.00 TGT 860 SL 730
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