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Century Textiles & Industries (₹1,632.5)
Sees a fresh breakout
Century Textiles & Industries’ stock, since April 2023, has been in a steady uptrend. It started to appreciate on the back of support at ₹600. However, after hitting ₹1,600 in early 2024, the stock lost momentum. Yet, it did not reverse the trend. It was largely charting a sideways trend between ₹1,340 and ₹1,600.
Last week, the stock broke out of ₹1,600 as the recent upswing, which began a couple of weeks ago, gathered enough traction. The chart hints that the price is likely to touch ₹1,900 in the near term. Hence, one can buy now at ₹1,630 and accumulate at ₹1,485. Keep initial stop-loss at ₹1,380. When the stock gets past ₹1,750, tighten the stop-loss to ₹1,650. Exit at ₹1,880.
Indian Oil Corporation (₹167.8)
Signs of recovery
Indian Oil Corporation’s stock, between October last year and February this year, saw a sharp rally. The price skyrocketed from about ₹90 to mark a high of ₹196.8 in early February. Ever since hitting a record, the stock price started to moderate. But a couple of weeks ago, the downswing was arrested as ₹155 provided good support for the stock.
There is a resistance at ₹172 ahead, which we expect to be invalidated soon. In such a case, the price can quickly rise to ₹195. Therefore, participants can initiate fresh longs if the scrip breaks out of ₹172. Place initial stop-loss at ₹162. When the stock crosses over ₹182, revise the stop-loss up to ₹172. Book profits at ₹195.
KFin Technologies (₹612.3)
Expected to resume rally
The trend has been up for the stock of KFin Technologies over the past year. However, it saw a decline in price in the past few weeks. Nevertheless, it did not breach the key support at ₹550. The scrip bounced off this level a fortnight ago and the candlesticks in the weekly chart indicate good buying between ₹550 and ₹600 recently.
Therefore, we expect the stock to gain bullish momentum in the coming days and is likely to appreciate and retest the resistance at ₹725, which triggered the fall in February. So, traders can go long now at ₹612 and add more shares if the price dips to ₹580. Place initial stop-loss at ₹540. Raise this to ₹600 when the stock surpasses ₹660. Liquidate the longs at ₹725.
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