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The upmove has gained momentum for Century Textiles & Industries. The stock has surged over 5 per cent on Tuesday breaking out of a key resistance at ₹2,420, which has been capping the upside since July this year. That leaves the outlook bullish. The region between ₹2,440-₹2,420 will now act as a strong resistance-turned-support level and limit the downside. Moving average cross overs on the daily chart also strengthens the bullish case.
Century Textiles & Industries share price can rise to ₹2,740 in the next few weeks. Traders can go long now at ₹2,510. Accumulate on dips at ₹2,460. Keep the stop-loss at ₹2,370 initially. Trail the stop-loss up to ₹2,560 as soon as the stock moves upto ₹2,620. Move the stop-loss further up to ₹2,640 when the price touches ₹2,680. Exit the long positions at ₹2,720.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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