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The stock of Century Textiles & Industries jumped 6 per cent accompanied by above average volume on Wednesday, decisively breaking above the key resistance level of ₹900.
This rally provides traders with a short-term perspective an opportunity to buy the stock at current levels.
Following an intermediate-term downtrend, the stock found support at ₹811 in August and reversed direction. Since then, the stock has been on a medium-term uptrend.
After two weeks of corrective decline, the stock took support around ₹860 and bounced up resuming the uptrend. Over the past two trading sessions there has been an increase in daily volumes. The stock has the potential to extend the uptrend and test resistance at ₹950.
A further rally above this barrier will pave way for an up move to ₹1,000 over the medium term.
Traders can buy the stock with a stop-loss at ₹885 levels. Key supports below ₹900 are at ₹860 and ₹840.
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