Indian Card Clothing Company – Buy

The Hindu Business Line : Indian Card Clothing Company – Buy: "Investors with medium-term perspective can consider buying the stock of Indian Card Clothing Company (Rs 175.3). Since its multi-year low of Rs 41 recorded in March 2009, the stock has been on an intermediate-term uptrend shaping higher peaks and troughs. This up trend-line is intact. After a medium-term corrective downtrend from its January 2010 peak of Rs 201, the stock found support at Rs 130, significant long-term support, in late May and reversed higher. The stock found twin support around Rs 150 (another key long-term support and intermediate-term up trendline) last week and bounced up 16 per cent, reinforcing the uptrend. We notice that there has been an increase in volume over the past four trading sessions. The stock recently breached its moving average compression (21, 50 and 200-day moving average). This further strengthens the uptrend. The daily relative strength index is featuring in the bullish zone and weekly RSI has entered in to this zone. Besides, the daily moving average convergence divergence oscillator has signalled a buy and has re-entered in the positive territory and weekly MACD is hovering in this territory implying upward momentum. Taking the above facts into consideration, we are bullish on the stock from a medium-term perspective."



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