The stock is range bound between 17-27.90. The upside is marginal. The textile sector is cyclical and news flow driven sector. Any rise should be used to book profit. The company’s topline and bottomline have seen a drastic decline.

The stock is jittery in the intermediate term. It has strong resistance at 600 levels. Hold with a stop loss of 550 which is also a very strong support level. The company has a good growth rate. Its net margins are better than peer group companies like Thomas Cook and ITDC. The valuations are reasonable. The stock might cross 650 in medium term.

The intermediate trend is down but charts indicate a rally in the short term. Hold with a stop loss of 160-170 for a target of 190-210 levels in the short term.The company is trying to reduce high cost debt by raising equity or low cost debt which is a positive sign. The company has not been able to sustain the turnaround and posted losses in the June quarter.

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