IIFL is bullish on Century Textiles and has recommended buy rating on the stock with a target of Rs 315 in its June 29, 2012 research report.
Century Textiles has given an upside breakout after consolidating in rounding bottom formation which resembles bullish structure. The above breakout from the bearish resistance line was accompanied with spurt in volume activity. Also, the stock gave a close above its 200-DMA for the first time since first week of May 2012. Oscillators movement provides supplementary evidence of sustainable upmove in the counter and stock is likely to head towards Rs315 in the medium term. We advise buying the stock above Rs300 with stop loss of Rs294 for an immediate target of Rs315, says IIFL research report.
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