Business Daily from THE HINDU group of publications
Tuesday, Mar 04, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Mar 04, 2008 ePaper | Mobile/PDA Version |
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Stocks Markets - Recommendation
We recommend a sell in Century Textiles & Industries from a short-term perspective. From the charts of this company, we note that it has been on a medium-term downtrend from its 52-week high of Rs 1,275 (marked on January 7). We also see that the price action from late January appears to be a descending triangle pattern that has negative implications since it means that sellers are getting impatient and entering at lower levels. More recently, the stock penetrated the 200-day moving average and continued to decline. On March 3, the stock tumbled more then 5 per cent breaching the key support at around Rs 770, accompanied with good volume. Moreover, the medium-term down trendline is still in place. The daily as well as the weekly momentum indicators are featuring in the bearish zone. Our short-term outlook for the stock is bearish. We expect the stock to decline further to our target price level of Rs 650 in the impending days. Investors with a short-term perspective can sell (or book profits) the stock while keeping the stop-loss at Rs 832. Yoganand D.Century Textiles net down 38% Century Tex to shut Mumbai mill More Stories on : Stocks | Recommendation | Textiles
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