Ashish Chaturmohta
Arvind touched a high of Rs 479 in January and then corrected sharply to hit a low of Rs 361 levels. Subsequent bounce faced resistance at Rs 428 and then retested the low of Rs 361 to form higher lows.
The recent rally in the stock has formed a bullish double bottom reversal pattern on the daily charts. The ADX line has been moving higher above neutral level of 20 which indicates strength in the uptrend.
Stochastic has given a positive crossover with its average suggesting that it is starting a fresh uptrend after last week’s correction. Thus, the stock can be bought at current level and on dips to Rs 415 with a stop loss below Rs 403 and a target of Rs 475 levels.
Disclaimer: The author is Head Technical and Derivatives, Sanctum Wealth Management. The views and investment tips expressed by investment expert 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.
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