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Technical Observations

* The textile stocks continued with their positive momentum. Within Textile space we remain constructive on Indo count Industries which we expect to outperform

* The stock during current week trade has generated a breakout above a falling supply line joining highs since October 2021 (| 315) signaling resumption of up move and offers fresh entry opportunity

* The base of the recent consolidation is placed at the 100 days EMA ( currently placed at | 248) which has acted as strong support since June 2020 signaling strength and a positive price structure

* We expect the stock to continue with its positive momentum and head towards | 284 levels in the coming weeks as it is the 50% retracement of the recent breather (|315-234)

* Among the oscillators the daily MACD has generated a buy signal moving above its nine periods average thus validates positive bias.

Buy Indo Count Industries Ltd @ 257.00-264.00 TGT 284 SL 248

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