Stocks to buy on Monday is Century Textiles for price target of Rs 1072 – know what is working for it!

Bulls had a field day on Thursday with stock markets scaling new highs. The BSE Sensex hit a 61,000-mark for the first time ever, ending the day at 61,305.95, up over 568 points or 0.94 per cent, while the broader market Nifty50 ending at 18,338.55, up by almost 1 per cent or 177 points. On the intraday basis it touched an all-time high of 18,350.75.

The current strength in the stock markets is primarily due to the IT and banking stocks, market expert Avinash Gorakshakar said. ICICI Bank and Axis Bank which are due to announce their July-September results are expected to put up a strong show, he opined. He was also bullish on the State Bank of India (SBI).

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He said that the focus will now shift to the tier-2 IT companies. There could be a stock specific action depending upon the Q2FY22 results announcements.

He recommended a stock from the textile sector with a week’s view. Buy Century Textiles & Industries Limited around Rs 962 for a price target of Rs 1072 and stop loss of Rs 907. This stock is recommended with a short term view, he said.

Despite the second wave impacting business activities, Century Textiles reported a net income of Rs 54 crore and a revenue of Rs 998 crore on a standalone basis in the quarter ended September, PTI reported.

It had posted a net income of Rs 5 crore and a revenue of Rs 600 crore in the year-ago period, which was ravaged by the first wave of the pandemic.

Century Textiles shares ended at Rs 960.10 on the NSE on Thursday. It was up 2.6 per cent from the Wednesday closing price. The textile stock also its 52-week high of Rs 1004 on the intraday basis. The 52-week low for this counter is Rs 301.45, which it hit on 30 October 2020.

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

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The stock has seen a rally over the last three trading sessions.