Arvind has resistance at Rs 105: Tulsian

Arvind has resistance at Rs 105, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, "I have been maintaining my positive stance on Arvind because may be about six-eight months back or about a year back I gave a buy call at about Rs 65-70 with a price target of Rs 105 and it touched Rs 105. And thereafter probably the investors came out of the stock and I don’t see any reason for the stock to really languish at a level of Rs 70-75."
He further added, "Now we keep hearing the story of retail and all that. I won't subscribe to that theory of retail alone because if you really see the core business, denim business, is doing quite well. Infact all other denim companies whether you take the case of RV Denim or other companies, they have all been doing well, so their core business is doing quite well."
"The real estate has started giving them some profits and I am quite bullish on the monetization of the assets from that segment in the next couple of years or so and retail story continues to remain there. So may be renewed interest seems to have come back but again the level of Rs 105 seen as a good resistance where the profit booking may again come back. So take a level of Rs 85 to 100-105 for the stock for next three-four months."