This Textile counter had been forming an accumul- ation pattern for the last 7-8 months. During that period valuation level of 601 had proved to be a strong resistance. Last week saw prices stage an excellent breakout from Saucer pattern as well from resistance and closed near new swing highs. Momentum has got a fresh boost with this up move and shifted in to bullish zone. Volume is also expanding aggressively showing optimism here. So we recommend here to buy this counter for a short term target of 740 with a stop-loss of 605. If the stock sustains above the level of 740 on a good level, then in the next leg of upmove it may test the level of 880.
No comments:
Post a Comment