Monday, January 12, 2015

Buy Century Textiles; target Rs 560: Pritesh Mehta


Pritesh Mehta, Senior Technical Analyst at IIFL told CNBC-TV18, " Century Textiles and Industries  is ideal candidate for trend reversal because it has taken support at around Rs 500, following a sharp correction after making peak of Rs 594 in the third week of November.

This counter is on the verge of breaking out from an inverted head and shoulder pattern, also we can see an appearance of morning doji star candlestick. It tells us that the selling pressure has exhausted, the stock is on the verge of beginning a new up move altogether. So buy for a target of Rs 560," he added.

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