In our recent Webinar had mentioned about this stock as well as have been recommending the same from 110-120 in Technical Traders Club
Do not take this as a buy recommendation but for educational purpose. Do read the disclaimer and disclosure.
This is the chart from the recent webinar.
Technical View -
-> For the last many months the stock was between 100-120 on a closing basis.
-> A nice rounding breakout was seen at 70-80
-> A lot of resistances seen at 120
-> The next major resistance comes at 160-170.
A breakout above 120-125 confirms the long term trend and momentum. Also relative performance with markets makes it easier to confirm the trend.
Technically a re-test of 120-125 is an entry point.
Some thoughts
A sector which has continued to show a lot of relativce outperformance technically and fundamentally is Textiles. I might be biased given my exposure into the names but KPR Mills, Welspun India, Ambika Cotton, Vardhman Textiles do deserve a good look and to watchout for on declines with a long term view. Do note the stocks have already rallied a lot in last 1 year.
Disclosure : Have vested interests and also these posts show KPR Mills , Vardhman Textiles , Welspun India and Ambika Cotton
Last few seats left for our Delhi Investing Lab Session - https://nooreshtech.co.in/2015/04/the-investing-lab-bridging-theory-and-practicetraining-program-delhi-30-31st-may-2015.html
DISCLOSURE
Nooresh Merani
Securities covered above: WELSPUN INDIA, DCB Bank, KPR Mills, Vardhman Textiles, Ambika Cotton
SEBI Registration disclosure – Registration for RIA under Process
Financial Interest:
Nooresh Merani and his family/associates/ analysts do have exposure in the securities mentioned in the above report/article.
Nooresh Merani and his family/associates/ analysts do not have any financial interest/beneficial ownership of more than 1% in the company covered by Analyst.
Nooresh Merani and his family/associates/ analysts have not received any compensation from the company/third party covered in the above report/article ever.
Nooresh Merani and his family/associates/ analysts has not served as an officer, director or employee of company covered in the report/article and has not been engaged in market-making activity of the company covered in the report/article.
The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision
Also read the detailed disclaimer – https://nooreshtech.co.in/disclaimer
