March 10, 2016
Century Tex (NSE Cash)
SELL
` 493
` 477 - 480
` 448
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 10:47 IST)
Justification:
In the month of February, the stock had breached its medium term support of `485. In last few trading
sessions, prices have given pullback and the support breached is expected to act as resistance. The resistance
zone coincides with potential reversal zone (PRZ) of a bearish harmonic pattern called ‘Anti Butterfly’ on daily
chart. Looking at the current chart structure, we are anticipating a correction in the counter. Thus, traders are
advised to sell the stock at current levels and on rise to `480 for a target of `448. The stop loss for the
trade set-up can be kept at `493.
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March 10, 2016
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Source: Angel research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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