Century Textiles Surges to 52-Week High Amid Strong Buying Interest

Century Textiles Surges to 52-Week High Amid Strong Buying Interest/Pixabay

VoM News Desk | March 28, 2024 | 02:41 PM IST | Breaking News | Follow on Google News

Century Textiles Surges to 52-Week High Amid Strong Buying Interest

Century Textiles Surges to 52-Week High Amid Strong Buying Interest

Century Textiles witnessed a significant surge, climbing 12% to reach a fresh 52-week high of ₹1,685 during intraday trading on Thursday. This marks the second consecutive session of strong buying interest, following a 4% increase in the previous trading session.

Impressive Performance and Technical Analysis Insights

Over the past year, Century Textiles has demonstrated a remarkable uptrend, with its share price soaring from a 52-week low of ₹621.35 to its current level of ₹1,685, reflecting a remarkable surge of 171%.

While some technical analysts advise caution due to recent rapid gains, others remain optimistic about the stock’s potential.

Analysts’ Recommendations and Technical Insights

Jigar S. Patel of Anand Rathi Share and Stock Brokers suggests investors wait for corrections before initiating fresh positions. Patel highlights a significant obstacle around the ₹1,685 mark, coinciding with the R5 camarilla resistance zone, indicating potential resistance to further upward movement.

On the contrary, Mandar Bhojane from Choice Broking remains positive, pointing out a rounding bottom breakout pattern and robust bullish momentum. Bhojane suggests potential targets of ₹1,870 and ₹1,900, with substantial support near ₹1,500.

Kushal Gandhi of Stoxbox advocates buying with a target of ₹1,975 and a stop loss at ₹1,544. Gandhi emphasizes a bullish breakout from the rounding bottom pattern, supported by increased volume, indicating potential continuation of the uptrend.

Conclusion

While some caution is advised due to recent rapid gains and resistance levels, others believe Century Textiles presents a promising buying opportunity. Investors may consider factors like technical analysis, market conditions, and risk management strategies before making investment decisions.

Source: Mint

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.