Arvind has moved above the downwards consolidation pattern on the daily chart and has given a breakout from the falling trend line which suggests reversal of an ongoing bearish pattern.
In addition, the stock has formed a double bottom around Rs 370. Traders can accumulate the stock in the range of Rs 390-395 for the target of Rs 434 and a stop loss below Rs 369.
Disclaimer: The author is Head of Wealth Management and Financial Planning, Bonanza Portfolio Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Jun 7, 2018 12:06 pm